Building Local Bond Markets: An Asian Perspective - download pdf or read online

By Alison Harwood

ISBN-10: 0821348191

ISBN-13: 9780821348192

Development neighborhood Bond MarBuilding neighborhood foreign money bond markets has develop into an increasinglyimportant subject for rising marketplace nations, really because theAsian monetary obstacle. This ebook experiences why nations may still consid-er development neighborhood foreign money company bond markets and the way to evalu-ate what's wanted and what could be constructed. It comprises eightcountry experiences: Republic of Korea, Australia, Malaysia, India, Paki-stan, Sri Lanka, Bangladesh, and Nepal. it truly is according to the IFC-spon-sored South Asia Debt marketplace Symposium held in October 1999 in SriLanka, which introduced jointly regulators and marketplace participantsfrom round Asia and different components of the globe to debate matters in de-veloping neighborhood markets. The e-book should still offer invaluable insights forcountries which are addressing those concerns today.•

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Many banking systems are weak and unable to support the corporate bond market, or they dominate the financial system, as issuers or intermediaries, in ways that hurt bond market develop- 15 In chapter 6, Yongbeom Kim provides a useful overview of the reasons why the Korean government securities markets did not perform this benchmark role effectively and how nonmarket determined rates seriously hindered the market’s development. 22 BUILDING LOCAL BOND MARKETS ment. A good number buy and hold securities to meet statutory liquidity requirements.

Pakistan’s recently reactivated corporate bond market is tiny, may be constrained by extensive government borrowing and political instability, lacks key market infrastructure, and has a limited issuer and investor base. But the government is taking measures to make the market more attractive. Overall, Pakistan might focus on creating a solid public primary market. Bangladesh and Nepal are in Stage I. Bangladesh needs new funding sources, as bank financing and foreign aid are declining, but as Kvibäck describes in Chapter 14, market growth will be seriously constrained by a limited issuer and investor base and a weak banking sector.

This chapter briefly touched on the key elements needed. It suggests that the conditions needed have yet to appear in many emerging market countries. Although such countries will still want to benefit from the risk reduction and diversification that bonds offer, they may have to do so in limited ways to start, expanding the market over time as conditions improve. These conditions, it must be emphasized, are not only technical. Many require a change in attitude and behaviours. Others are controlled by government bodies that are not interested in building bond markets.

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Building Local Bond Markets: An Asian Perspective by Alison Harwood

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