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

By Simon T Gray, Andreas Jobst, Joshua Felman, Ana Carvajal

June 1, 2011

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Format: Chicago

Simon T Gray, Andreas Jobst, Joshua Felman, and Ana Carvajal. Developing Asean5 Bond Markets: What Still Needs to Be Done?, (USA: International Monetary Fund, 2011) accessed September 20, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

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.

Subject: Banking, Derivative markets, Financial institutions, Financial markets, Financial regulation and supervision, Liquidity risk, Money markets, Securities, Securities markets

Keywords: ASEAN, Bond markets: Bond markets, Capital market, Central bank, CP market, Derivative markets, Derivatives market turnover, Equity derivative, Global, Government bond, Interest rate transaction, Investor, Liquidity, Liquidity risk, Market, Market development, Market infrastructure, Market integrity, Money market, Money markets, OTC derivative, OTC derivative market, Repo market, Securities, Securities markets, Securitization market, WP

Publication Details

Pages:

34
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2011/135
Stock No:

WPIEA2011135
ISBN:

9781455259403
ISSN:

1018-5941

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