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 …

The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market … issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater … scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can …

This paper examines a range of issues relating to bond markets in the ASEAN5 (Indonesia, Malaysia, Philippines … wider money and bond markets; and suggests some lessons from the recent crisis in developed country financial markets which …

The paper compares trends in financial integration within Asia with those in industrialized countries and other …, with the process interrupted by crises and global volatility. Cross-border equity and bond holdings have also increased …

This paper assesses financial integration in Asia in terms of risk-sharing benefit versus financial-contagion cost. We … discount factors. Risk sharing is low in Asia, and varies across time and countries, whereas contagion risks are more … differentials. Asia, therefore, can potentially enhance risk sharing without raising contagion risk. …

Net capital flows to emerging Asia rebounded at a record pace following the global financial crisis, raising concerns …