By Alison Harwood
Development neighborhood Bond MarBuilding neighborhood foreign money bond markets has turn into an increasinglyimportant subject for rising industry nations, relatively because theAsian monetary quandary. This publication studies why international locations may still consid-er construction neighborhood forex company bond markets and the way to evalu-ate what's wanted and what will be built. It comprises eightcountry reviews: Republic of Korea, Australia, Malaysia, India, Paki-stan, Sri Lanka, Bangladesh, and Nepal. it truly is in response to the IFC-spon-sored South Asia Debt industry Symposium held in October 1999 in SriLanka, which introduced jointly regulators and industry participantsfrom round Asia and different components of the globe to debate concerns in de-veloping neighborhood markets. The e-book may still supply worthwhile insights forcountries which are addressing those concerns today.•
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Extra info for Building Local Bond Markets: An Asian Perspective
The underlying assumption here is that corporate finance theory applies not only to corporations but also to sovereigns and, indeed, to any entity with a capital structure. Third, I discuss the implications of local bond markets for risk management, corporate finance, and the stability of capital structure. And fourth, I identify some of the main impediments to the development of local bond markets. THE STATE OF BOND MARKETS Most entities obtain their financing from three major sources: (1) equity markets, (2) capital markets (specifically bonds), and (3) bank debt.
Many issuers are state-owned enterprises, even in India. Nonetheless, markets in India, Sri Lanka, and Pakistan are growing. If we evaluate the countries by their success factors, based on the preliminary surveys included in this book, we can say that they fall into one of the three stages identified earlier. India is in Stage III. It is on the way to developing active primary and secondary markets. The government and private sector are 29 A L I S O N H A RW O O D working to identify and overcome impediments, particularly technical ones that constrain issuance and liquidity.
Another reason for working on developing local debt markets is to meet the growing needs of pension funds by providing long-term, local currency liabilities. The recent crisis highlights the need to accelerate the development of local debt markets, but progress has been excruciatingly slow in many countries. They face many challenges in this regard. They need to create a supportive stable macroeconomic environment and not crowd out the private sector with government borrowing. They must also build a prudent and transparent market with proper regulation and efficient and reliable infrastructure; in addition, they must create active and capable market participants.