Bond Market Developments in Emerging Markets: Propsects and Challenges for Pakistan

Ahmed Khalid

SBP Research Bulletin, 2007, vol. 3, 43-62.

Abstract: This paper investigates the development of bond market in emerging economies with a focus on Pakistan. The main objective of this paper is to explore the reasons for a slow development of bond market in emerging economies. To achieve this objective, we first provide a comprehensive survey of the bond market developments in a sample of Asian countries. For comparison purposes, we split the sample into two: (i) the early reformers, and (ii) the hesitant or late reformers. We present a case where bond market developments become an integral part of the financial market development. We also discuss the stages of market developments in a sample of emerging market economies. We compare both sets of countries and then draw lessons for Pakistan. We observe that Pakistan needs to satisfy a set of pre-requisites before some meaningful progress in domestic bond market development is made.

Date: 2007
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