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Foreign Bond Markets and Financial Market Development: International Perspectives

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  • Jonathan A. Batten
  • Warren P. Hogan
  • Peter G Szilagyi

Abstract

The domestic bond markets of the Asia and Pacific region have grown considerably since the Asian financial crisis of 1997, although they remain undeveloped relative to the region’s weight in the world economy. This paper proposes that in order to encourage further development of these markets, regulators should make them more accessible to foreign borrowers. [ADBI Working Paper 173]

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:3042.

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Date of creation: Oct 2010
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Handle: RePEc:ess:wpaper:id:3042

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Keywords: domestic; bond markets; Asia; Pacific; economy; markets;

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References

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  1. Jonathan A. Batten & Warren P. Hogan & Peter G. Szilagyi, 2011. "The Role of Foreign Bond Issuance: The Case of Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 44(1), pages 36-50, 03.
  2. Barry Eichengreen & Pipat Luengnaruemitchai, 2004. "Why Doesn't Asia Have Bigger Bond Markets?," NBER Working Papers 10576, National Bureau of Economic Research, Inc.
  3. Honda, Etsuro, 2003. "Financial deregulation in Japan," Japan and the World Economy, Elsevier, Elsevier, vol. 15(1), pages 135-140, January.
  4. Burger, John D. & Warnock, Francis E., 2007. "Foreign participation in local currency bond markets," Review of Financial Economics, Elsevier, Elsevier, vol. 16(3), pages 291-304.
  5. Shankha Chakraborty & Tridip Ray, 2003. "Bank-based versus Market-based Financial Systems: A Growth-theoretic Analysis," University of Oregon Economics Department Working Papers, University of Oregon Economics Department 2003-6, University of Oregon Economics Department, revised 01 Feb 2002.
  6. Julia Leung, 2006. "Developing bond markets in Asia: experience with ABF2," BIS Papers chapters, in: Bank for International Settlements (ed.), Developing corporate bond markets in Asia, volume 26, pages 74-79 Bank for International Settlements.
  7. Robert N McCauley & Yung-Chul Park, 2006. "Developing the bond market(s) of East Asia: global, regional or national?," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 19-39 Bank for International Settlements.
  8. Garry J. Schinasi & T. Todd Smith, 1998. "Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets," IMF Working Papers 98/173, International Monetary Fund.
  9. Guorong Jiang & Robert McCauley, 2004. "Asian local currency bond markets," BIS Quarterly Review, Bank for International Settlements, Bank for International Settlements, June.
  10. Jonathan A. Batten & Peter G. Szilagyi, 2007. "Domestic Bond Market Development: The Arirang Bond Experience in Korea," World Bank Research Observer, World Bank Group, World Bank Group, vol. 22(2), pages 165-195, September.
  11. Masahiro Inoguchi, 2007. "Influence of ADB Bond Issues and US Bonds on Asian Government Bonds ," Asian Economic Journal, East Asian Economic Association, East Asian Economic Association, vol. 21(4), pages 387-404, December.
  12. Blommestein Hans J & Santiso Javier, 2007. "New Strategies for Emerging Domestic Sovereign Bond Markets in the Global Financial Landscape," Global Economy Journal, De Gruyter, De Gruyter, vol. 7(2), pages 1-58, June.
  13. Hans J. Blommestein & Javier Santiso, 2007. "New Strategies for Emerging Domestic Sovereign Bond Markets," OECD Development Centre Working Papers 260, OECD Publishing.
  14. 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, Wharton School Center for Financial Institutions, University of Pennsylvania 01-08, Wharton School Center for Financial Institutions, University of Pennsylvania.
  15. Camilo E. Tovar & Myriam Quispe-Agnoli, 2008. "New financing trends in Latin America : an overview of selected issues and policy challenges," Economic Review, Federal Reserve Bank of Atlanta, Federal Reserve Bank of Atlanta.
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Cited by:
  1. Paul Mizen & Serafeim Tsoukas, . "What Promotes Greater Use of the Corporate Bond Market? A Study of the Issuance Behaviour of Firms in Asia," Discussion Papers 12/17, University of Nottingham, Centre for Finance, Credit and Macroeconomics (CFCM).
  2. Peter J. Morgan & Mario Lamberte, 2012. "Strengthening Financial Infrastructure," Finance Working Papers 23191, East Asian Bureau of Economic Research.

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