Developing ASEAN‐5 Bond Markets: What Needs to Be Done?

20 Pages Posted: 29 Apr 2014

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: May 2014

Abstract

This paper examines development challenges facing bond markets in the ASEAN‐5 (Indonesia, Malaysia, Philippines, Singapore, and Thailand). It first assesses their level of development, finding that bond market frameworks - that is, the quality of the physical infrastructure, monitoring, and regulation - compare favourably with those in other emerging markets. The paper then considers possible further enhancements, including changes in disclosure practices as well as reforms of ratings agencies, central bank liquidity management, and taxation. It also considers steps to develop derivatives markets, which in some countries remain quite small. Finally, the article draws lessons from the global financial crisis in developed markets for the future development of ASEAN‐5 markets.

Suggested Citation

Gray, Simon and Felman, Josh and Carvajal, Ana and Jobst, Andreas A., Developing ASEAN‐5 Bond Markets: What Needs to Be Done? (May 2014). Asian‐Pacific Economic Literature, Vol. 28, Issue 1, pp. 76-95, 2014. Available at SSRN: https://ssrn.com/abstract=2430531 or http://dx.doi.org/10.1111/apel.12069

Simon Gray (Contact Author)

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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