Developing local currency bond markets in South-East Asia

Shuvojit Banerjee
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Shuvojit Banerjee: Macroeconomic Policy and Financing for Development Division, United Nations Economic and Social Commission for Asia and the Pacific

No PB74, MPDD Policy Briefs from United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

Abstract: Countries in South-East Asia, in common with those in other subregions, face the challenge of efficiently deploying financial resources to effectively pursue implementation of the 2030 Agenda. The private sector, particularly non-bank private institutions and individuals, can play a vital role in this regard. Fostering government and corporate bond markets can be an important avenue by which Governments and the corporate sector can diversify and increase their financing sources. Bond markets help to reduce excessive reliance on short-term funding from the banking sector. South-East Asia remains highly dependent on banks for private financing. It is estimated that commercial banks account for more than 80 per cent of the total financial institution assets in ASEAN. Moreover, development of local currency bond markets in the subregion can help mitigate currency and maturity mismatches.

Date: 2018
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