the two main compromises: the tradeoffs between maturity and collateral, and between seniority and control. The framework …

insufficient support from government policies and regulations. Besides fostering a credit culture to deepen local debt markets, the … issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater … provide the underlying collateral for expanding fixed-income markets, and hence domestic and regional investment opportunities. …

contribution on bond spreads from global market conditions (including funding liquidity, market liquidity, as well as credit and …A structural vector autoregression model is developed to analyze the dynamics of bond spreads among a sample of mature … changes in bond spreads over the sample, global market risk factors are fundamental driving forces during periods of stress …

Since the Asian crisis, ASEAN5 countries have expended considerable effort in trying to develop their domestic bond …? And does this mean that domestic markets have not, in fact, developed? The paper argues that bond market growth has been … held back by a sharp fall in investment rates, which has left firms with little need for bond borrowing. Even so, markets …

This paper examines the comovement in emerging market bond returns and disentangles the influence of external and …

The effects of unanticipated movements in global risk on nine emerging bond markets are investigated. The components of … global risk are volatility, credit, and liquidity risks. Country and contagion risks are also studied individually. A … historical decomposition of bond spreads is used to identify the relative contributions of risk during 1998-99. The empirical …

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on … bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns … high-yield bonds. However, unlike returns on these bonds, emerging market debt returns do not seem significantly correlated …

We use data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure … case in which the purchaser and issuer of the bonds reside in different regions. Not surprisingly, we find that Europe is … participation in local markets and to intraregional cross holdings of Asian bonds generally. Further results based on a limited …