Developing ASEAN5 Bond Markets: What Still Needs to Be Done?

35 Pages Posted: 14 Jun 2011

See all articles by Simon Gray

Simon Gray

International Monetary Fund (IMF)

Joshua Felman

International Monetary Fund (IMF)

Ana Carvajal

International Monetary Fund (IMF)

Andreas (Andy) Jobst

International Monetary Fund (IMF) - European Department

Date Written: June 2011

Abstract

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.

Keywords: Asia, Bond markets, Central banks, Financial crisis, Global Financial Crisis 2008-2009, Indonesia, Liquidity management, Malaysia, Philippines, Singapore, Taxation, Thailand

Suggested Citation

Gray, Simon and Felman, Josh and Carvajal, Ana and Jobst, Andreas A., Developing ASEAN5 Bond Markets: What Still Needs to Be Done? (June 2011). IMF Working Papers, Vol. , pp. 1-34, 2011. Available at SSRN: https://ssrn.com/abstract=1864438

Simon Gray

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Josh Felman

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Ana Carvajal

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

Andreas A. Jobst

International Monetary Fund (IMF) - European Department ( email )

700 19th Street NW
Washington, DC 20431
United States
+1-202-538-2898 (Phone)

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