The Development of Local Debt Markets in Asia: An Assessment

30 Pages Posted: 29 Nov 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: November 29, 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: debt markets, emerging Asia

JEL Classification: E44, F36, G18, H63, O16

Suggested Citation

Goswami, Mangal and Sharma, Sunil, The Development of Local Debt Markets in Asia: An Assessment (November 29, 2011). ADBI Working Paper 326. Available at SSRN: https://ssrn.com/abstract=1965942 or http://dx.doi.org/10.2139/ssrn.1965942

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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