Options for Developing Bond Markets - Lessons from Asia for Central and Eastern Europe

Europainstitut Working Paper No. 63

66 Pages Posted: 31 Jul 2007

See all articles by Peter R. Haiss

Peter R. Haiss

WU Vienna University of Economics and Business; UniCredit Bank Austria; IES Vienna - Institute for the International Education of Students

Stefan Marin

affiliation not provided to SSRN

Date Written: January 2005

Abstract

Asian efforts towards bond market development are driven by the 1997-98 financial crises; Central and Eastern European efforts by the transition towards EMU. The small size of most of the economies underlying these still "emerging" bond markets poses the question of minimum efficient scale and which options to pursue. We argue that the joint bond funds and regional bond market linkups that follow existing trade, FDI and bank ties will broaden the sources of finance, can improve market discipline, provide signals to the market, and thus increase financial stability. Based upon bond market data and analysis of regional efforts like the Asian Bond Funds, we argue that bond market development should be given more attention to foster growth and stability.

Keywords: bond markets, financial stability, emerging markets, Southeast Asia (SEAsia),

JEL Classification: E44, F33, G18

Suggested Citation

Haiss, Peter R. and Marin, Stefan, Options for Developing Bond Markets - Lessons from Asia for Central and Eastern Europe (January 2005). Europainstitut Working Paper No. 63, Available at SSRN: https://ssrn.com/abstract=1003761 or http://dx.doi.org/10.2139/ssrn.1003761

Peter R. Haiss (Contact Author)

WU Vienna University of Economics and Business ( email )

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Stefan Marin

affiliation not provided to SSRN ( email )

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