Bond Market Development in Asia: An Empirical Analysis of Major Determinants

33 Pages Posted: 28 Jul 2011  

Biswa N. Bhattacharyay

Asian Development Bank Institute; Asian Development Bank; CESifo (Center for Economic Studies and Ifo Institute)

Date Written: July 28, 2011

Abstract

One of the reasons behind the financial crisis in 1997 was the excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because bond markets were underdeveloped and small. To enhance corporate bond financing, it is important to examine the factors that promote effective development of bond markets. This study attempts to identity the determinants of bond market development in Asian economies, through examining its relationship with selected key financial and economic factors, and to provide policy recommendations for further development.

Keywords: asia bond market, bond market development integration, asia financial crisis, asia banking sector, corporate financing

JEL Classification: F36, O16, G15, O53

Suggested Citation

Bhattacharyay, Biswa N., Bond Market Development in Asia: An Empirical Analysis of Major Determinants (July 28, 2011). ADBI Working Paper No. 300. Available at SSRN: https://ssrn.com/abstract=1898047 or http://dx.doi.org/10.2139/ssrn.1898047

Biswa Nath. Bhattacharyay (Contact Author)

Asian Development Bank Institute ( email )

Kasumigaseki Building 8 Floor
3-2-5, Kasumigaseki, Chiyoda-ku
Tokyo, Tokyo 100-6008
Japan
(81-3)3593-5566 (Phone)
(81-3)3593-4270 (Fax)

HOME PAGE: http://www.adbi.org

Asian Development Bank ( email )

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Metro Manila
Philippines

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

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