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The Development of Local Debt Markets in Asia : An Assessment

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  • Mangal Goswami

    (Asian Development Bank Institute (ADBI))

  • Sunil Sharma

Abstract

The 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 Info

Paper provided by East Asian Bureau of Economic Research in its series Governance Working Papers with number 23210.

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Date of creation: Nov 2011
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Handle: RePEc:eab:govern:23210

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Postal: JG Crawford Building #13, Asia Pacific School of Economics and Government, Australian National University, ACT 0200
Web page: http://www.eaber.org
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Keywords: Debt markets; Asia; financial markets;

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References

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  1. Lejot , Paul & Arner, Douglas & Schou-Zibell, Lotte, 2008. "Securitization in East Asia," Working Papers on Regional Economic Integration 12, Asian Development Bank.
  2. Ricardo J. Caballero, 2006. "On the Macroeconomics of Asset Shortages," NBER Working Papers 12753, National Bureau of Economic Research, Inc.
  3. Ralph Chami & Sunil Sharma & Connel Fullenkamp, 2009. "A Framework for Financial Market Development," IMF Working Papers 09/156, International Monetary Fund.
  4. Jacob Gyntelberg & Guonan Ma & Eli M Remolona, 2005. "Corporate bond markets in Asia," BIS Quarterly Review, Bank for International Settlements, December.
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Cited by:
  1. 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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