The Development of Local Debt Markets in Asia : An Assessment
AbstractThe paper gives an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations. Besides fostering a credit culture to deepen local debt markets, the issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can provide the underlying collateral for expanding fixed-income markets, and hence domestic and regional investment opportunities.
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Bibliographic InfoPaper provided by East Asian Bureau of Economic Research in its series Finance Working Papers with number 23210.
Date of creation: Nov 2011
Date of revision:
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Debt markets; Asia; financial markets;
Other versions of this item:
- Goswami, Mangal & Sharma, Sunil, 2011. "The Development of Local Debt Markets in Asia: An Assessment," ADBI Working Papers 326, Asian Development Bank Institute.
- Mangal Goswami & Sunil Sharma, 2011. "The Development of Local Debt Markets in Asia : An Assessment," Macroeconomics Working Papers 23210, East Asian Bureau of Economic Research.
- Mangal Goswami & Sunil Sharma, 2011. "The Development of Local Debt Markets in Asia : An Assessment," Governance Working Papers 23210, East Asian Bureau of Economic Research.
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
- G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
- H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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- Ralph Chami & Connel Fullenkamp & Sunil Sharma, 2010.
"A framework for financial market development,"
Journal of Economic Policy Reform,
Taylor & Francis Journals, vol. 13(2), pages 107-135.
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- Ricardo J. Caballero, 2006. "On the Macroeconomics of Asset Shortages," NBER Working Papers 12753, National Bureau of Economic Research, Inc.
- Philip Turner, 2012. "Weathering financial crisis: domestic bond markets in EMEs," BIS Papers chapters, in: Bank for International Settlements (ed.), Weathering financial crises: bond markets in Asia and the Pacific, volume 63, pages 15-34 Bank for International Settlements.
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