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Bond Market Developments in Emerging Markets: Propsects and Challenges for Pakistan

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  • Ahmed M. Khalid

    (Bond University, Gold Coast, Australia)

Abstract

This paper investigates the development of bond market in emerging economies with a focus on Pakistan. The main objective of this paper is to explore the reasons for a slow development of bond market in emerging economies. To achieve this objective, we first provide a comprehensive survey of the bond market developments in a sample of Asian countries. For comparison purposes, we split the sample into two: (i) the early reformers, and (ii) the hesitant or late reformers. We present a case where bond market developments become an integral part of the financial market development. We also discuss the stages of market developments in a sample of emerging market economies. We compare both sets of countries and then draw lessons for Pakistan. We observe that Pakistan needs to satisfy a set of pre-requisites before some meaningful progress in domestic bond market development is made.

Suggested Citation

  • Ahmed M. Khalid, 2007. "Bond Market Developments in Emerging Markets: Propsects and Challenges for Pakistan," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 3, pages 43-62..
    • Handle: RePEc:sbp:journl:22
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    File URL: http://www.sbp.org.pk/research/bulletin/2007/vol3/Bond-Market.pdf
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