Bond Market Development in Developing Asia

26 Pages Posted: 23 Dec 2015

See all articles by John D. Burger

John D. Burger

Loyola University Maryland - Department of Economics

Francis E. Warnock

University of Virginia - Darden Business School; National Bureau of Economic Research (NBER)

Veronica Cacdac Warnock

Darden Business School

Date Written: August , 2015

Abstract

We describe and assess two dimensions of the current state of bond market development in developing Asia: the role of bond markets in overall financial systems and a comparison of the salient features of bond market development in developing Asia and other regions. We highlight key drivers and constraints of bond market development in developing Asia, particularly in smaller economies, as well as key implications for policymakers, especially for promoting bond market development in the region. Our analysis suggests that high inflation volatility presents a serious obstacle to bond market development. We find that smaller developing Asian economies could enable bond market development by pursuing creditor friendly policies and strengthening the legal rights of borrowers.

Keywords: bond market, financial development, financial system

JEL Classification: F30, G10, G15

Suggested Citation

Burger, John D. and Warnock, Francis E. and Warnock, Veronica Cacdac, Bond Market Development in Developing Asia (August , 2015). Asian Development Bank Economics Working Paper Series No. 448, Available at SSRN: https://ssrn.com/abstract=2707539 or http://dx.doi.org/10.2139/ssrn.2707539

John D. Burger (Contact Author)

Loyola University Maryland - Department of Economics ( email )

4501 N. Charles St
Baltimore, MD 21210
United States
410-617-5831 (Phone)
410-617-2118 (Fax)

Francis E. Warnock

University of Virginia - Darden Business School ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States
434-924-6076 (Phone)

HOME PAGE: http://faculty.darden.virginia.edu/warnockf/index.htm

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138-5398

Veronica Cacdac Warnock

Darden Business School ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

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