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The bond market development in Mongolia among Asian countries

Hiroyuki Taguchi

MPRA Paper from University Library of Munich, Germany

Abstract: This paper aims to address the issue on bond market development by investigating the determinants of bond market development with a focus on Asian economies, and also by identifying the impediment factors to prevent its development in Mongolian economy. This paper contributes to the literature by enriching evidence of the determinants of bond market development with a focus on Asian economies with common characteristics such as their high dependence on banking sectors. In particular, while there have been few studies on an individual economy’s bond market, the strategic contribution is to identify the Mongolia-specific factors to prevent her bond market development among Asian economies. The estimation result shows that the two manageable variables, namely, bureaucracy quality and level of interest rate, are major determinants for both public and private bond market development in Asian economies, and also that these determinants are main factors to prevent the Mongolian bond market from developing.

Keywords: Bond Market; Mongolia; Asian Countries; Bureaucracy Quality; and Interest Rate (search for similar items in EconPapers)
JEL-codes: E44 O53 (search for similar items in EconPapers)
Date: 2019-07
New Economics Papers: this item is included in nep-mac and nep-sea
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