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

Author/Editor: Simon Gray ; Andreas Jobst ; Joshua Felman ; Ana Carvajal
Publication Date: June 01, 2011
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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.
Series: Working Paper No. 11/135
Subject(s): Asia | Global Financial Crisis 2008-2009 | Liquidity management | Taxation

Author's Keyword(s): Bond markets: Bond markets | ASEAN | market development
Publication Date: June 01, 2011
ISBN/ISSN: 9781455259403/1018-5941 Format: Paper
Stock No: WPIEA2011135 Pages: 34
US$18.00 (Academic Rate:
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