02123cas a2200277 a 4500 AALejournalIMF007240 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455265428 1018-5941 BD-DhAAL BD-DhAAL Pradhan, Mahmood. Asean Bond Market Development : Where Does it Stand? Where is it Going? / Mahmood Pradhan, Shanaka Peiris, Mangal Goswami, Dulani Seneviratne. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (32 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Since the Asian crisis, ASEAN5 countries have expended considerable effort in trying to develop their domestic bond markets. Yet today these markets are not much larger, relative to GDP, than they were a decade before. How can we explain this? 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 have developed in other ways, to such an extent that substantial amounts of foreign portfolio investment have begun to flow into ASEAN5 bonds. These developments have important ramifications. With the investor base growing and infrastructure investment likely to rise, ASEAN5 bond markets could expand rapidly over the next decade, holding out the prospect that the region could finally achieve "twin engine" financial systems. Mode of access: Internet Goswami, Mangal. Peiris, Shanaka. Seneviratne, Dulani. IMF Working Papers; Working Paper ; No. 2011/137 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/137/001.2011.issue-137-en.xml IMF e-Library