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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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Related research

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

Other versions of this item:

Find related papers by JEL classification:

• F34 - International Economics - - International Finance - - - International Lending and Debt Problems
• G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
• O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

This paper has been announced in the following NEP Reports:

• NEP-ALL-2010-10-23 (All new papers)
• NEP-FMK-2010-10-23 (Financial Markets)
• NEP-IFN-2010-10-23 (International Finance)
• NEP-SEA-2010-10-23 (South East Asia)

References

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1. 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.
2. John D. Burger & Francis E. Warnock, 2006. "Foreign Participation in Local Currency Bond Markets," NBER Working Papers 12548, National Bureau of Economic Research, Inc.
   
   • Burger, John D. & Warnock, Francis E., 2007. "Foreign participation in local currency bond markets," Review of Financial Economics, Elsevier, vol. 16(3), pages 291-304.
   • John D. Burger & Francis E. Warnock, 2004. "Foreign participation in local-currency bond markets," International Finance Discussion Papers 794, Board of Governors of the Federal Reserve System (U.S.).
3. Hans J. Blommestein & Javier Santiso, 2007. "New Strategies for Emerging Domestic Sovereign Bond Markets," OECD Development Centre Working Papers 260, OECD Publishing.
4. Jonathan A. Batten & Peter G. Szilagyi, 2007. "Domestic Bond Market Development: The Arirang Bond Experience in Korea," World Bank Research Observer, Oxford University Press, vol. 22(2), pages 165-195, September.
5. Chakraborty, Shankha & Ray, Tridip, 2006. "Bank-based versus market-based financial systems: A growth-theoretic analysis," Journal of Monetary Economics, Elsevier, vol. 53(2), pages 329-350, March.
   
   • Shankha Chakraborty & Tridip Ray, 2003. "Bank-based versus Market-based Financial Systems: A Growth-theoretic Analysis," University of Oregon Economics Department Working Papers 2003-6, University of Oregon Economics Department, revised 01 Feb 2002.
6. Honda, Etsuro, 2003. "Financial deregulation in Japan," Japan and the World Economy, Elsevier, vol. 15(1), pages 135-140, January.
7. 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, vol. 44(1), pages 36-50, 03.
8. 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.
9. Masahiro Inoguchi, 2007. "Influence of ADB Bond Issues and US Bonds on Asian Government Bonds ," Asian Economic Journal, East Asian Economic Association, vol. 21(4), pages 387-404, December.
10. 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.
    
    • Barry Eichengreen & Pipat Luengnaruemitchai, 2004. "Why Doesn't Asia Have Bigger Bond Markets?," NBER Working Papers 10576, National Bureau of Economic Research, Inc.
11. 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.
12. 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.
13. Hans J. Blommestein & Javier Santiso, 2007. "New Strategies for Emerging Domestic Sovereign Bond Markets in the Global Financial Landscape," Global Economy Journal, Berkeley Electronic Press, vol. 7(2), pages 2.
14. 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.
15. Guorong Jiang & Robert McCauley, 2004. "Asian local currency bond markets," BIS Quarterly Review, Bank for International Settlements, June.

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Citations

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Cited by:

1. Peter J. Morgan & Mario Lamberte, 2012. "Strengthening Financial Infrastructure," Finance Working Papers 23191, East Asian Bureau of Economic Research.
   
   • Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.

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