During the past decade, domestic government bond markets in EMEs have developed further. Market depth has increased, maturities have lengthened and the investor base has generally broadened, although the degree of progress has varied across countries and several deficiencies remain. The...

This paper investigates the impact of CDS trading on the development of the bond market in Asia. In general, CDS trading has lowered the cost of issuing bonds and enhanced the liquidity in the bond market. The positive impact is stronger for smaller firms, non-financial firms and those firms...