| ID | 192853 |
| Title Proper | Developing local-currency government bond markets in emerging Asia |
| Other Title Information | critical factors, challenges and policy actions |
| Language | ENG |
| Author | Molnar-Tanaka, Kensuke ; Imisiker, Serkan |
| Summary / Abstract (Note) | This paper describes the growth of local-currency bond markets in Emerging Asia and the institutional and policy challenges facing the region's economies for their further development. It presents an empirical analysis of the relationship between local-currency government bond (LCGB) market development and the components of financial development, using panel data for selected Emerging Asian economies. The analysis seeks to identify the key determinants for the development of LCGB markets. The results show that the depth of and access to both financial markets and financial institutions have a significantly positive impact on LCGB market development. Critical factors associated with local-currency bond market depth include macroeconomic variables, the exchange-rate regime, capital account openness and creditor rights. Based on these results, the paper offers policy directions for fostering the development of local-currency bond markets in the region. |
| `In' analytical Note | Journal of Southeast Asian Economies (ASEAN Economic Bulletin Change the Name ) Vol. 40, ; No.3; Dec 2023: p.318-343 |
| Journal Source | Journal of Southeast Asian Economies (ASEAN Economic Bulletin Change the Name ) 2023-12 40, 3 |
| Key Words | Southeast Asia ; Asia ; Financial Development ; Local Currency Government Bond ; Bond Market Develpment ; Financial Deepening |