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

Simon Gray, Andreas Jobst (), Joshua Felman and Ana Carvajal

No 2011/135, IMF Working Papers from International Monetary Fund

Abstract: 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.

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 (search for similar items in EconPapers)
Pages: 34
Date: 2011-06-01
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Citations: View citations in EconPapers (4)

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