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Domestic Bond Market Development: The Arirang Bond Experience in Korea

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  • Jonathan A. Batten
  • Peter G. Szilagyi

Abstract

This study contrasts the development of the Republic of Korea's market for won-denominated foreign bonds (Arirang) with similar markets in the Asia-Pacific region. It discusses the problems, concerns, and key issues related to the development of this market within the broader context of domestic, regional, and global bond market development. Korea's experience provides valuable lessons for other emerging market economies also seeking to build bond markets for local and foreign issuers. The sophistication of the local bond market is not enough to make it appealing to foreign borrowers. Market development demands ensuring an enabling infrastructure and a background of macroeconomic stability, nurturing local and international demand, deregulating capital flows, and minimizing exchange restrictions. Copyright The Author 2007. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / the world bank . All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org, Oxford University Press.

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File URL: http://hdl.handle.net/10.1093/wbro/lkm007
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Bibliographic Info

Article provided by World Bank Group in its journal The World Bank Research Observer.

Volume (Year): 22 (2007)
Issue (Month): 2 (September)
Pages: 165-195

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Handle: RePEc:oup:wbrobs:v:22:y:2007:i:2:p:165-195

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Cited by:
  1. Mark M. Spiegel, 2010. "Developing Asian Local Currency Bond Markets: Why and How?," Working Papers id:3030, eSocialSciences.
  2. Jonathan A. Batten & Warren P. Hogan & Peter G Szilagyi, 2010. "Foreign Bond Markets and Financial Market Development: International Perspectives," Working Papers id:3042, eSocialSciences.

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