Building Local Bond Markets: An Asian Perspective

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Alison Harwood
IFC, Jan 1, 2000 - Business & Economics - 286 pages
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Since the Asia and Tequila crises of the late 1990s, a growing number of emerging market countries have focused on developing local bond markets to lock in local currency, fixed-rate and long-term funding, and help governments and corporations better manage their financing risks. International organizations from Washington to Southeast Asia are pushing bond market development, to reduce global instability by improving domestic risk management. This book is part of the International Finance Corporation's efforts to assist countries in South Asia and other parts of the world to identify their need for local bond markets, the impediments to developing them, and how those impediments might be removed. The book is based on papers presented at the South Asian Debt Market Symposium held in Sri Lanka in October 1999. It provides valuable insights to emerging market nations wrestling with the issue of building local bond markets. This book will be of interest to bond market specialists, policymakers, and the private sector.

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Contents

INTRODUCTION FRAMEWORK
1
A Strategic Priority for Emerging Markets
39
The Risk Management Benefits of Bonds
47
Copyright

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About the author (2000)

Alison Harwood is a director with the Barents Group of KPMG Peat Marwick, where she designs and directs projects to develop capital markets, particularly in Eastern Europe. Previously, she worked at the Harvard Institute for International Development and at the Federal Reserve Bank of New York.

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