Determinants of bond market development in Asia

Bhattacharyay, Biswa Nath

doi:10.1016/j.asieco.2012.11.002

Cited by 66 publications

(78 citation statements)

References 3 publications

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“…Also, other than by taking 1-year lags, we do not address possible endogeneity problems, due to the difficulty of finding good instruments. Our results should hence not be interpreted as demonstrating causality, a caveat that also applies to earlier studies of LCBM development in SSA (Berensmann et al, 2015;Essers et al, 2016;Mu et al, 2013) and other regions (Bhattacharyay, 2013;Burger & Warnock, 2006;Claessens, Klingebiel, & Schmukler, 2007;Eichengreen, Panizza, & Borensztein, 2008). Nonetheless, we believe the econometric analysis that follows contributes to our understanding of SSA LCBMs and helps to lay the groundwork for better identification of causal relations as wider samples and longer time series become available.…”

Section: Model Specificationmentioning

confidence: 61%

Localising sovereign debt: The rise of local currency bond markets in sub‐Saharan Africa

2018

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This paper analyses the development of local currency sovereign bond markets (LCBMs) in sub‐Saharan Africa (SSA), a potentially important source of longer‐term public finance. We make two contributions to the literature. First, we build a novel data set comprising 28 SSA countries for the period 2000–14 to uncover the main correlates of LCBM capitalisation, of local currency bond (LCB) tenors and of LCB issue yields. We find that LCBM capitalisation in SSA relates to politico‐institutional factors, overall financial development and financial system structure. For LCB tenors and issue yields, inflation levels matter too. Second, we complement our econometric analysis with qualitative case studies of Kenya and Nigeria, where we further investigate the drivers of LCBM development and place LCBMs in a broader public debt context. While we document the increasing importance of LCBMs in SSA, we also highlight new vulnerabilities, including those related to investor base composition.

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Section: Model Specificationmentioning

confidence: 61%

Localising sovereign debt: The rise of local currency bond markets in sub‐Saharan Africa

2018

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“…Menurut Bhattacharyay (2013) menjelaskan bahwa terdapat beberapa faktor yang mempengaruhi perkembangan pasar obligasi. Faktor-faktor tersebut antara lain economy size, Stage of development/ PDB per kapita, perdangan terbuka, sistem perbankan, variabilitas nilai tukar (Bhattacharyay, 2013;Smaoi et. al., 2017), keseimbangan fiskal (Smaoui et.…”

Section: Kajian Teoritik Dan Hipotesisunclassified

“…al., 2017), keseimbangan fiskal (Smaoui et. al., 2017), dan variabilitas suku bunga (Bhattacharyay, 2013). Hal tersebut menjelaskan bahwa adanya kondisi makro ekonomi yang lebih kuat, ekonomi yang lebih terbuka, dan kehadiran investor institusional jangka panjang dapat meningkatkan permintaan sekuritas obligasi, terutama yang memiliki jangka waktu yang panjang (Smaoui et.…”

Section: Kajian Teoritik Dan Hipotesisunclassified

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Pengaruh Sistem Perbankan, Makroekonomi, Dinamika Pasar Keuangan terhadap Perkembangan Sukuk Korporasi

Zusryn¹,

Hashfi²,

Nasution³

2020

j.econom.buss.asea

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The purpose of this study is to determine the factors that influence the development of corporate sukuk in Indonesia. The data used are monthly data for 2013-2016 macroeconomic variables, crude oil price, conventional banking loans, interest rate spread, sharia banking assets, outstanding Indonesian corporate bonds, market value of sharia stock market capitalization, and standard deviation the Jakarta Interbank Offered Rate (JIBOR). In this study using time series data analysis, namely Autoregressive Distributed Lag (ARDL) which is a development and complements the weaknesses of the Vector Autoregressive (VAR) analysis. The results of this study indicate that there is a positive influence on world crude oil prices, the development of corporate bonds, and Islamic banking assets on the development of corporate sukuk. In addition, sharia stock market capitalization, interest rate spread, and market interest rate volatility negatively impact the development of corporate sukuk. These results indicate an increase in demand and supply in corporate sukuk in Indonesia. This study found a complementary relationship between corporate bonds and Islamic banking on the development of corporate sukuk so that synergy and coordination of stakeholders is expected, namely the government, industry players, companies and related parties.

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“…Secondly, and according to Bhattacharyay (2013) investors are reluctant to invest in long term sukuks/bonds when interest rates increase as they predict a decrease of their purchasing power of long term fixed-rate bonds/Sukuk. Hence, the decline in demand for both instruments.…”

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confidence: 99%

Are Sovereign Bonds More Risky Than Sovereign Sukuk? Evidence From Malaysian Market.

Emna¹,

Ali.²

2017

IJAR

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Determinants of bond market development in Asia

Cited by 66 publications

References 3 publications

Localising sovereign debt: The rise of local currency bond markets in sub‐Saharan Africa

Localising sovereign debt: The rise of local currency bond markets in sub‐Saharan Africa

Pengaruh Sistem Perbankan, Makroekonomi, Dinamika Pasar Keuangan terhadap Perkembangan Sukuk Korporasi

Are Sovereign Bonds More Risky Than Sovereign Sukuk? Evidence From Malaysian Market.

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