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Asian local currency bond markets

Author

Listed:
  • Guorong Jiang
  • Robert McCauley

Abstract

The liquidity of Asian local currency bond markets varies with overall size, turnover, issue size and dispersion of holdings. Recently, returns on higher-yielding instruments have led local currency bonds to outperform US Treasuries in aggregate.

Suggested Citation

  • Guorong Jiang & Robert McCauley, 2004. "Asian local currency bond markets," BIS Quarterly Review, Bank for International Settlements, June.
  • Handle: RePEc:bis:bisqtr:0406f
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    References listed on IDEAS

    as
    1. 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.
    2. Robert N McCauley, 2003. "Unifying government bond markets in East Asia," BIS Quarterly Review, Bank for International Settlements, December.
    3. M S Mohanty, 2002. "Improving liquidity in government bond markets: what can be done?," BIS Papers chapters,in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 49-80 Bank for International Settlements.
    4. 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.
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    Citations

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    Cited by:

    1. Guonan Ma & Eli Remolona, 2009. "Learning by Doing in Market Reform: Lessons from a Regional Bond Fund," Chapters,in: Towards Monetary and Financial Integration in East Asia, chapter 4 Edward Elgar Publishing.
    2. Robert McCauley & Guorong Jiang, 2004. "Diversifying with Asian local currency bonds," BIS Quarterly Review, Bank for International Settlements, September.
    3. Serge Jeanneau & Camilo E Tovar, 2008. "Latin America’s local currency bond markets: an overview," BIS Papers chapters,in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 46-64 Bank for International Settlements.
    4. Serge Jeanneau & Camilo E Tovar, 2006. "Domestic bond markets in Latin America: achievements and challenges," BIS Quarterly Review, Bank for International Settlements, June.
    5. David G. Mayes & Peter J. Morgan, 2012. "The Global Financial Crisis and its Implications for Financial Sector Reform and Regulation in Asia," Chapters,in: Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 1 Edward Elgar Publishing.
    6. Schou-Zibell, Lotte & Wells, Stephen, 2008. "India's Bond Market-Developments and Challenges Ahead," Working Papers on Regional Economic Integration 22, Asian Development Bank.
    7. Robert N McCauley, 2008. "Developing financial markets and operating monetary policy in Asia," BIS Papers chapters,in: Bank for International Settlements (ed.), Financial market developments and their implications for monetary policy, volume 39, pages 126-141 Bank for International Settlements.
    8. Mark M. Spiegel, 2010. "Developing Asian Local Currency Bond Markets: Why and How?," Working Papers id:3030, eSocialSciences.
    9. Guonan Ma & Eli M Remolona, 2005. "Opening markets through a regional bond fund: lessons from ABF2," BIS Quarterly Review, Bank for International Settlements, June.
    10. Jonathan A. Batten & Warren P. Hogan & Peter G. Szilagyi, 2012. "Foreign Bond Markets and Financial Market Development: International Perspectives," Chapters,in: Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 12 Edward Elgar Publishing.
    11. Palle Andersen & Ramon Moreno, 2005. "Financial integration: an overview," BIS Papers chapters,in: Bank for International Settlements (ed.), Globalisation and monetary policy in emerging markets, volume 23, pages 1-8 Bank for International Settlements.
    12. Camilo E Tovar, 2005. "International government debt denominated in local currency: recent developments in Latin America," BIS Quarterly Review, Bank for International Settlements, December.
    13. Woosik Moon & Yeongseop Rhee, 2012. "Asian Monetary Integration," Books, Edward Elgar Publishing, number 14191, September.
    14. Huang, Tao & Wu, Fei & Yu, Jing & Zhang, Bohui, 2015. "International political risk and government bond pricing," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 393-405.
    15. Mark M. Spiegel, 2012. "Developing Asian Local Currency Bond Markets: Why and How?," Chapters,in: Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia, chapter 11 Edward Elgar Publishing.
    16. Tony Latter, 2008. "What Future for the Hong Kong Dollar Corporate Bond Market?," Working Papers 192008, Hong Kong Institute for Monetary Research.
    17. Masahiro Kawai & David G. Mayes & Peter Morgan (ed.), 2012. "Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia," Books, Edward Elgar Publishing, number 14483, September.
    18. 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.
    19. Endo, Tadashi, 2008. "Broadening the offering choice of corporate bonds in emerging markets : cost-effective access to debt capital," Policy Research Working Paper Series 4655, The World Bank.
    20. Robert N McCauley, 2006. "Consolidating the public debt markets of Asia," BIS Papers chapters,in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 82-98 Bank for International Settlements.
    21. Andrew K. Rose, 2012. "International Financial Integration and Crisis Intensity," Macroeconomics Working Papers 23195, East Asian Bureau of Economic Research.
    22. Robert N. McCauley, 2010. "Managing Recent Hot Money Inflows in Asia," Chapters,in: Managing Capital Flows, chapter 5 Edward Elgar Publishing.
    23. Ramon Moreno, 2006. "The changing nature of risks facing banks," BIS Papers chapters,in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 67-98 Bank for International Settlements.
    24. Morgan, Peter J. & Lamberte , Mario, 2012. "Strengthening Financial Infrastructure," ADBI Working Papers 345, Asian Development Bank Institute.

    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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