investors could significantly disrupt the stability of local capital markets in the event of a market shock, with systemic … implications for the real economy. Our estimates suggest that while local investors remain the more important group in terms of …

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 …

sample suggest that one factor holding back investment in foreign bonds in East Asia may be limited geographical … portfolio of local currency bonds potentially attractive to mutual fund managers and investors, may help to relax this …We use data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure …

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 …

Gaining a better understanding of the behavior of international investors is key for informing the debate about the … exposures of large investors at a micro level is crucial to assess vulnerabilities. …