The Development of Local Debt Markets in Asia
The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations. Besides fostering a credit culture to deepen local debt markets, the issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can provide the underlying collateral for expanding fixed-income markets, and hence domestic and regional investment opportunities.
|Date of creation:||01 Jun 2011|
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- John D. Burger & Francis E. Warnock, 2006.
"Local Currency Bond Markets,"
IMF Staff Papers,
Palgrave Macmillan, vol. 53(si), pages 7.
- Ralph Chami & Connel Fullenkamp & Sunil Sharma, 2010.
"A framework for financial market development,"
Journal of Economic Policy Reform,
Taylor & Francis Journals, vol. 13(2), pages 107-135.
- Lejot , Paul & Arner, Douglas & Schou-Zibell, Lotte, 2008. "Securitization in East Asia," Working Papers on Regional Economic Integration 12, Asian Development Bank.
- Jacob Gyntelberg & Guonan Ma & Eli Remolona, 2006. "Developing corporate bond markets in Asia," BIS Papers chapters, in: Bank for International Settlements (ed.), Developing corporate bond markets in Asia, volume 26, pages 13-21 Bank for International Settlements.
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