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Development of Bond Markets in Emerging Market Economies

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  • Suresh Menon

    (Rating Agency Malaysia Berhad.)

Abstract

This paper discusses the prerequisites for the development of well-functioning bond markets in emerging-market economies, and the facilitative roles of regulators in the developmental process. It also explores the strategies that can be employed to diversify the product base and to increase market liquidity, as well as how Islamic products complement the conventional bond segment. Along the way, there will be examples of the Malaysian experience in relation to some of the issues.

Suggested Citation

  • Suresh Menon, 2007. "Development of Bond Markets in Emerging Market Economies," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 3, pages 27-41.
    • Handle: RePEc:sbp:journl:21
    as

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    File URL: http://www.sbp.org.pk/research/bulletin/2007/vol3/Bond-Markets-Emerging-Economies.pdf
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    References listed on IDEAS

    as
    1. Barry Eichengreen & Pipat Luengnaruemitchai, 2006. "Why doesn’t Asia have bigger bond markets?," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 40-77, Bank for International Settlements.
    2. Y V Reddy, 2002. "Issues and challenges in the development of the debt market in India," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 117-126, Bank for International Settlements.
    3. Mohamed Ariff & Ahmed M. Khalid, 2005. "Liberalization and Growth in Asia," Books, Edward Elgar Publishing, number 2909.
    4. Siew Tong Fock & Ann Chai Wong, 2001. "Post-East Asian Financial Crisis: Challenges and Opportunities for the Banking and Financial Services Sector in Singapore," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 4(04), pages 495-521.
    5. Richard J. Herring & Nathporn Chatusripitak, 2000. "The Case of the Missing Market: The Bond Market and Why It Matters for Financial Development," Center for Financial Institutions Working Papers 01-08, Wharton School Center for Financial Institutions, University of Pennsylvania.
    6. Guorong Jiang & Nancy Tang & Eve Law, 2002. "The costs and benefits of developing debt markets: Hong Kong's experience," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 103-114, Bank for International Settlements.
    7. M S Mohanty, 2002. "Improving liquidity in government bond markets: what can be done?," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 49-80, Bank for International Settlements.
    8. Mohamed Ariff & Ahmed M. Khalid, 2000. "Liberalization, Growth and the Asian Financial Crisis," Books, Edward Elgar Publishing, number 1511.
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