Developing Asean5 Bond Markets: What Still Needs to Be Done?
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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. 2011/135
Subject:
Banking Derivative markets Financial institutions Financial markets Financial regulation and supervision Liquidity risk Money markets Securities Securities markets
English
Publication Date:
June 1, 2011
ISBN/ISSN:
9781455259403/1018-5941
Stock No:
WPIEA2011135
Pages:
34
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