The Development of Local Debt Markets in Asia

32 Pages Posted: 14 Jun 2011

See all articles by Mangal Goswami

Mangal Goswami

International Monetary Fund (IMF)

Sunil Sharma

George Washington University - Elliott School of International Affairs

Date Written: June 2011

Abstract

The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations. Besides fostering a credit culture to deepen local debt markets, the issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can provide the underlying collateral for expanding fixed-income markets, and hence domestic and regional investment opportunities.

Keywords: Access to capital markets, Asia, Bond issues, Bond markets, Borrowing, Capital markets, Corporate sector, Debt management, Emerging markets, External financing

Suggested Citation

Goswami, Mangal and Sharma, Sunil, The Development of Local Debt Markets in Asia (June 2011). IMF Working Papers, Vol. , pp. 1-31, 2011. Available at SSRN: https://ssrn.com/abstract=1864435

Mangal Goswami (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street NW
Washington, DC 20431
United States

Sunil Sharma

George Washington University - Elliott School of International Affairs ( email )

Institute for International Economic Policy
1957 E Street NW
Washington, DC 20052
United States

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