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

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Developing Asean5 Bond Markets : What Still Needs to Be Done?
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Volume/Issue:
2011/135
Series:
IMF Working Papers
Author(s):
Simon Gray, Andreas Jobst, Joshua Felman, and Ana Carvajal
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
June 2011
DOI:
http://dx.doi.org/10.5089/9781455259403.001
ISBN:
9781455259403
ISSN:
1018-5941
Page:
34
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.
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