Options for Developing Bond Markets - Lessons from Asia for Central and Eastern Europe

Haiss, Peter; Marin, Stefan

doi:10.2139/ssrn.1003761

Cited by 11 publications

(3 citation statements)

References 51 publications

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“…With the introduction of the Euro exchange rate risks became obsolete and the different yields of government bonds were mainly based on the assessment of the credit ratings of the various national issuers. In addition, increased competition among national bond issuers emerged (Haiss and Marin, 2005). Prior to European Economic and Monetary Union each national issuer issued benchmark-bonds for the national markets.…”

Section: Chart 1: Global Consolidation Of Exchanges As a Results Of Increased Competition And Higher Expectationsmentioning

confidence: 99%

Global Reserves Management

Rybiński

Sowa

2007

SSRN Journal

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Section: Chart 1: Global Consolidation Of Exchanges As a Results Of Increased Competition And Higher Expectationsmentioning

confidence: 99%

Global Reserves Management

Rybiński

Sowa

2007

SSRN Journal

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“…However, the survey also suggests a lower importance of corporate bond markets in the Eurozone than in the USA and Japan. Haiss and Marin (2005) analyzed the development of corporate bond markets in the countries of Central and Eastern Europe (CEE). The authors concluded that corporate bond market is dominated by public issuers and the banking sector mediation.…”

Section: A Review Of Previous Researchmentioning

confidence: 99%

Development of Corporate Bond Markets in Emerging Market Countries: Empirical Evidence from Bosnia and Herzegovina

Polić¹,

Kozarević²,

Džafić³

2015

IBR

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In the countries with developed financial markets, unlike in Bosnia and Herzegovina (BiH) and other emerging market countries (EMCs) with the so called bank-centric financial systems, corporate bonds are a rather significant alternative to the usage of bank loans for financing the development needs of the real sector of the economy (corporate sector). The new architecture of world's financial stability with Basel III as its integral part additionally emphasizes this importance for both banks and companies. Besides, in the countries with developed financial markets it is probably needless to mention the need for high quality debt securities. This is especially true due to the conditions of stronger institutional investors on the market, such as pension funds that can realistically be expected to become the leading financial institutions of the 21 st century, and ever increasing need of institutional investors, funds in particular, for high quality forms of assets and portfolio diversification. In EMCs in which pension reforms have still not been completely implemented or completed, considering a drastic fall in the ratio of the insured based on contribution payment and the number of pensioners, the existing situation is almost non-sustainable. Therefore, the transformation of pension funds in accordance to the two or three pillar structure and the emergence of voluntary pension funds as financially powerful institutional investors have no alternative. Certainly, in terms of corporate bonds and their issue on the one hand, and investing in them on the other, in EMCs and thus also in BiH there are some important aspects to be observed when analyzing their influence on the decisions on financing or investing (liquidity, interest rate level, clarity and implementation of regulations, etc.).

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“…There are also important lessons that can be drawn from the development of bond markets in Central and Eastern Europe since the late 1990s (Haiss and Marin ).…”

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Developing ASEAN‐5 bond markets: what needs to be done?

Gray

Felman

Carvajal

et al. 2014

Asian-Pac Economic Lit

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This paper examines development challenges facing bond markets in the ASEAN-5 (Indonesia, Malaysia, Philippines, Singapore, and Thailand). It first assesses their level of development, finding that bond market frameworks-that is, the quality of the physical infrastructure, monitoring, and regulation-compare favourably with those in other emerging markets. The paper then considers possible further enhancements, including changes in disclosure practices as well as reforms of ratings agencies, central bank liquidity management, and taxation. It also considers steps to develop derivatives markets, which in some countries remain quite small. Finally, the article draws lessons from the global financial crisis in developed markets for the future development of ASEAN-5 markets.

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Options for Developing Bond Markets - Lessons from Asia for Central and Eastern Europe

Cited by 11 publications

References 51 publications

Global Reserves Management

Global Reserves Management

Development of Corporate Bond Markets in Emerging Market Countries: Empirical Evidence from Bosnia and Herzegovina

Developing ASEAN‐5 bond markets: what needs to be done?

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