Download Building Local Bond Markets: An Asian Perspective by Alison Harwood PDF

By Alison Harwood

Construction neighborhood Bond MarBuilding neighborhood forex bond markets has develop into an increasinglyimportant subject for rising marketplace international locations, quite on account that theAsian monetary challenge. This publication stories why international locations may still consid-er construction neighborhood foreign money company bond markets and the way to evalu-ate what's wanted and what may be built. It comprises eightcountry reviews: Republic of Korea, Australia, Malaysia, India, Paki-stan, Sri Lanka, Bangladesh, and Nepal. it truly is in response to the IFC-spon-sored South Asia Debt industry Symposium held in October 1999 in SriLanka, which introduced jointly regulators and industry participantsfrom round Asia and different elements of the globe to debate concerns in de-veloping neighborhood markets. The e-book may still offer priceless insights forcountries which are addressing those matters today.•

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Governments often influence interest rates to control debtfinancing costs. 15 Dealers are not developed. As a result, the corporate bond market, and the dealer community, lack an important foundation. It is generally accepted that government securities are the best benchmark for corporate bonds. Developed markets such as those in the United States have other alternatives, like top-quality corporates and swap rates. Some emerging market countries may have a few good-quality local or foreign corporate and supranational issuers.

S . J AYAWA R D E N A curity funds and we need to reform the pension funds. The government has committed to such reform—in fact, we just had a few seminars on the subject, and we are working out a plan or road map for pension reforms—but we need to move forward with this quickly. We also need to look at why we do not have mutual funds, and why we still perpetuate rent losses introduced more than 50 years ago. There are indeed many impediments to market development in this country: the laws, the conventions, the customs, and even our cultural and other attitudes to public and private sector development.

Trading is virtually nonexistent across the region. Several of the countries, including India, have only private placement markets. Many issuers are state-owned enterprises, even in India. Nonetheless, markets in India, Sri Lanka, and Pakistan are growing. If we evaluate the countries by their success factors, based on the preliminary surveys included in this book, we can say that they fall into one of the three stages identified earlier. India is in Stage III. It is on the way to developing active primary and secondary markets.

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