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Developing Asean5 Bond Markets: What Still Needs to Be Done?
Author:
Mr. Simon T Gray
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,
Andreas Jobst
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,
Mr. Joshua Felman
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Ana Carvajal
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Series:
IMF Working Papers
Volume/Issue:
Volume 2011: Issue 135
Language:
English
Publication Date:
01 Jun 2011
DOI:
https://doi.org/10.5089/9781455259403.001
ISBN:
9781455259403
ISSN:
1018-5941
Pages:
34
Keywords:
WP; market; liquidity; government bond; capital market; investor; money market; Bond markets: Bond markets; ASEAN; market development; central bank; OTC derivative; market infrastructure; market integrity; repo market; interest rate transaction; OTC derivative market; derivatives market turnover; CP market; securitization market; equity derivative; Derivative markets; Securities markets; Securities; Money markets; Liquidity risk; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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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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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund