This paper estimates the impact of foreign participation in determining long-term local currency government bond yields … show that greater foreign participation in the domestic government bond market tends to significantly reduce long …-term government yields. Moreover, greater foreign participation does not necessarily result in increased volatility in bond yields in …

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 …