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dc.contributor.authorBhattacharyay, Biswa Nathen_US
dc.date.accessioned2011-08-30en_US
dc.date.accessioned2011-12-15T12:27:50Z-
dc.date.available2011-12-15T12:27:50Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/53738-
dc.description.abstractOne of the reasons behind the financial crisis in 1997 was excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because the other major source, bond markets, was underdeveloped and small. On the other hand, the 2008 global financial crisis led to constraints in acquiring local currency and foreign currency liquidity in the corporate sector, as foreign banks withdrew investments from Asia. Furthermore, Asia needs large quantities of capital (US$750 billion per year for 2010-2020) to develop infrastructure connectivity within and across its economies. Local and regional capital can be channeled for long-term infrastructure projects and other productive investment through bond markets. At this juncture, to enhance bond financing, it is important to examine factors that promote effective development of bond markets. This study attempts to identity the major determinants of bond market development in Asian economies, through examining its relationship with selected key financial and economic factors, and to provide policy recommendations for further developing Asian bond markets. Major determinants for bond market development in Asia include the size of an economy, the stage of economic development, the openness of an economy, the size of the banking sector, and the interest rate spread.en_US
dc.language.isoengen_US
dc.publisherAsian Development Bank Institute Tokyoen_US
dc.relation.ispartofseriesADBI working paper series 300en_US
dc.subject.jelF36en_US
dc.subject.jelO16en_US
dc.subject.jelG15en_US
dc.subject.jelO53en_US
dc.subject.ddc330en_US
dc.subject.stwRentenmarkten_US
dc.subject.stwKapitalmarktliberalisierungen_US
dc.subject.stwAsienen_US
dc.titleBond market development in Asia: An empirical analysis of major determinantsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn667351604en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:ADBI Working Paper Series, Asian Development Bank Institute

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