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Developing ASEAN5 Bond Markets: What Still Needs to be Done?
Author/Editor: Andreas Jobst, Simon Gray, Joshua Felman, Ana Carvajal
Release Date: © June, 2011
ISBN : 978-1-45525-940-3
Stock #: WPIEA2011135
Stock Status: On back-order
Languages and formats available
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.
More publications in this series: Working Papers