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Developing Asean5 Bond Markets


Author Info

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


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


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