Developing ASEAN5 Bond Markets: What Still Needs to be Done?
AbstractThis 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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 11/135.
Date of creation: 01 Jun 2011
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-07-21 (All new papers)
- NEP-IFN-2011-07-21 (International Finance)
- NEP-MON-2011-07-21 (Monetary Economics)
- NEP-SEA-2011-07-21 (South East Asia)
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- Yibin Mu & Peter Phelps & Janet Gale Stotsky, 2013. "Bond Markets in Africa," IMF Working Papers 13/12, International Monetary Fund.
- Khiaonarong, Tanai, 2013. "Creating an Association of Southeast Asian Nations Payment System: Policy and Regulatory Issues," ADBI Working Papers 422, Asian Development Bank Institute.
- Phurichai Rungcharoenkitkul, 2011. "Risk Sharing and Financial Contagion in Asia: An Asset Price Perspective," IMF Working Papers 11/242, International Monetary Fund.
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