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Bond Market Development in Asia: An Empirical Analysis of Major Determinants

Author

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  • Bhattacharyay, Biswa Nath

    (Asian Development Bank Institute)

Abstract

One of the reasons behind the financial crisis in 1997 was the excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because bond markets were underdeveloped and small. To enhance corporate bond financing, it is important to examine the factors that promote effective development of bond markets. This study attempts to identity the determinants of bond market development in Asian economies, through examining its relationship with selected key financial and economic factors, and to provide policy recommendations for further development.

Suggested Citation

  • Bhattacharyay, Biswa Nath, 2011. "Bond Market Development in Asia: An Empirical Analysis of Major Determinants," ADBI Working Papers 300, Asian Development Bank Institute.
  • Handle: RePEc:ris:adbiwp:0300
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    References listed on IDEAS

    as
    1. Bhattacharyay, Biswa, 2010. "Financing Asia’s Infrastructure: Modes of Development and Integration of Asian Financial Markets," ADBI Working Papers 229, Asian Development Bank Institute.
    2. Bernhard Eschweiler, 2006. "Bond market regulation and supervision in Asia," BIS Papers chapters,in: Bank for International Settlements (ed.), Asian bond markets: issues and prospects, volume 30, pages 335-352 Bank for International Settlements.
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    Cited by:

    1. Udichibarna Bose & Ronald MacDonald & Serafeim Tsoukas, 2014. "Policy initiatives and firms access to external finance: Evidence from a panel of emerging Asian economies," Working Papers 2015_01, Business School - Economics, University of Glasgow.
    2. Asian Development Bank Institute, 2017. "Asia Bond Monitor - November 2016," Working Papers id:11732, eSocialSciences.

    More about this item

    Keywords

    asia bond market; bond market development integration; asia financial crisis; asia banking sector; corporate financing;

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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