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Developing Asean5 Bond Markets

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Author Info

  • Simon Gray
  • Andreas Jobst
  • Joshua Felman
  • Ana Carvajal

Abstract

This paper examines a range of issues relating to bond markets in the ASEAN5 (Indonesia, Malaysia, Philippines, Singapore and Thailand) - physical infrastructure including trading, clearing and settlement; regulation, supervision and legal underpinnings; and derivatives markets - and finds that the frameworks compare well with other Emerging Markets, following a decade of reform. A number of areas where further enhancements could be made are highlighted. The paper also examines the interrelationship between central bank management of short-term interest rates and domestic currency liquidity, and development of the wider money and bond markets; and suggests some lessons from the recent crisis in developed country financial markets which may be important for the future development of the ASEAN5 markets.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/135.

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Length: 34
Date of creation: 01 Jun 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/135

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Postal: International Monetary Fund, Washington, DC USA
Phone: (202) 623-7000
Fax: (202) 623-4661
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Web page: http://www.imf.org/external/pubind.htm
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Related research

Keywords: Asia; Global Financial Crisis 2008-2009; Liquidity management; Taxation; bond; bonds; investors; derivative markets; derivative; corporate bonds; bond markets; derivatives markets; institutional investors; government bonds; corporate bond; disclosure requirements; external auditors; stock exchange; fixed income; financial markets; money market; financial statements; credit rating agencies; interest rate derivatives; corporate bond markets; government bond; index futures; hedge; currency derivatives; hedging; margin requirements; money market rates; financial stability; bond market; equity derivatives; derivatives trading; foreign currency; derivative contracts; equity markets; financial sector; futures exchange; interest income; financial institutions; foreign exchange derivatives; derivatives market; derivative exchanges; registration procedures; bond trading; bond yield curve; financial intermediation; bond futures; financial market; bond market development; interest rate futures; prudential regulation; bond yield; stock index; commercial banks; money markets; investment restrictions; bond yields; short selling; regulatory framework; foreign investors; asian bond markets; government bond yield; bond issues; money market investment; municipal bonds; income from bond; mortgage bonds; stock index futures; corporate bond market; bond rates; derivatives exchanges; domestic bond; financial futures; futures markets; development of bond markets; domestic bonds; foreign companies; bond offerings; money market mutual fund; information asymmetry; bond offering; credit derivatives; derivatives exchange; regulatory barriers; bond investors; risk premium; bond transactions; stock futures; cash flows; hedging instruments; equity market; credit risks; interest rate derivative; gold futures; investment intermediaries; tax regime; financial derivatives; stock index options; derivative market; fixed costs; interest rate derivative markets; financial liberalization; domestic investment; money market instruments; bull markets; equity index futures; derivative products; government bond yields; parent company; financial market development; cash bond markets; local bond; futures contract;

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Cited by:
  1. Phurichai Rungcharoenkitkul, 2011. "Risk Sharing and Financial Contagion in Asia," IMF Working Papers 11/242, International Monetary Fund.
  2. Yibin Mu & Peter Phelps & Janet Gale Stotsky, 2013. "Bond Markets in Africa," IMF Working Papers 13/12, International Monetary Fund.
  3. Khiaonarong, Tanai, 2013. "Creating an Association of Southeast Asian Nations Payment System: Policy and Regulatory Issues," ADBI Working Papers 422, Asian Development Bank Institute.

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