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Developing Asean5 Bond Markets: What Still Needs to Be Done?

Author

Listed:
  • Mr. Simon T Gray
  • Andreas Jobst
  • Mr. 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.

Suggested Citation

  • Mr. Simon T Gray & Andreas Jobst & Mr. Joshua Felman & Ana Carvajal, 2011. "Developing Asean5 Bond Markets: What Still Needs to Be Done?," IMF Working Papers 2011/135, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:2011/135
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    References listed on IDEAS

    as
    1. Catriona Purfield & Hiroko Oura & Charles Kramer & Andreas Jobst, 2008. "Asian equity markets: growth, opportunities, and challenges," Macroeconomics and Finance in Emerging Market Economies, Taylor & Francis Journals, vol. 1(2), pages 227-248.
    2. Martin Hohensee & Kyungjik Lee, 2006. "A survey on hedging markets in Asia: a description of Asian derivatives markets from a practical perspective," BIS Papers chapters, in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 261-281, Bank for International Settlements.
    3. Bank for International Settlements, 2006. "Asian bond markets: issues and prospects," BIS Papers, Bank for International Settlements, number 30.
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    Cited by:

    1. Mr. Phurichai Rungcharoenkitkul, 2011. "Risk Sharing and Financial Contagion in Asia: An Asset Price Perspective," IMF Working Papers 2011/242, International Monetary Fund.
    2. Pradhan, Rudra P. & Arvin, Mak B. & Bahmani, Sahar & Hall, John H. & Norman, Neville R., 2017. "Finance and growth: Evidence from the ARF countries," The Quarterly Review of Economics and Finance, Elsevier, vol. 66(C), pages 136-148.
    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.
    4. Mr. Yibin Mu & Mr. Peter Phelps & Ms. Janet Gale Stotsky, 2013. "Bond Markets in Africa," IMF Working Papers 2013/012, International Monetary Fund.

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