Developing A Local Currency Government Bond Market In An Emerging Economy After Covid 19

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Developing a local currency government Bond market in an emerging economy after COVID-19

Asian Development Bank
Developing a local currency government Bond market in an emerging economy after COVID 19 Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 63 pages
File Size : 45,9 Mb
Release : 2022-12-01
Category : Business & Economics
ISBN : 9789292698706

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Developing a local currency government Bond market in an emerging economy after COVID-19 by Asian Development Bank Pdf

This publication explores how a local currency government bond market is vital to strengthen economic recovery from COVID-19. It focuses on the Lao People’s Democratic Republic, as its market is exposed to many challenges also faced by other developing countries. It examines how this nation can benefit from the experiences of its neighbors in the Asian Bond Markets Initiative: the Association of Southeast Asian Nations, plus the People’s Republic of China, Japan, and the Republic of Korea (ASEAN+3). The publication highlights the essential building blocks for developing an efficient government bond market with sound cash and debt management.

Foreign Participation in Emerging Markets’ Local Currency Bond Markets

Mr.Shanaka J. Peiris
Foreign Participation in Emerging Markets Local Currency Bond Markets Book PDF

Author : Mr.Shanaka J. Peiris
Publisher : International Monetary Fund
Page : 21 pages
File Size : 47,9 Mb
Release : 2010-04-01
Category : Business & Economics
ISBN : 9781451982602

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Foreign Participation in Emerging Markets’ Local Currency Bond Markets by Mr.Shanaka J. Peiris Pdf

This paper estimates the impact of foreign participation in determining long-term local currency government bond yields and volatility in a group of emerging markets from 2000-2009. The results of a panel data analysis of 10 emerging markets show that greater foreign participation in the domestic government bond market tends to significantly reduce long-term government yields. Moreover, greater foreign participation does not necessarily result in increased volatility in bond yields in emerging markets and, in fact, could even dampen volatility in some instances.

Guidance Note For Developing Government Local Currency Bond Markets

International Monetary Fund,World Bank
Guidance Note For Developing Government Local Currency Bond Markets Book PDF

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 157 pages
File Size : 44,8 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513573922

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Guidance Note For Developing Government Local Currency Bond Markets by International Monetary Fund,World Bank Pdf

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

Local Currency Bond Markets - A Diagnostic Framework

World Bank,International Monetary Fund,Inter-Secretariat Working Group on National Accounts,European Bank for Reconstruction and Development
Local Currency Bond Markets A Diagnostic Framework Book PDF

Author : World Bank,International Monetary Fund,Inter-Secretariat Working Group on National Accounts,European Bank for Reconstruction and Development
Publisher : International Monetary Fund
Page : 40 pages
File Size : 55,8 Mb
Release : 2013-07-09
Category : Business & Economics
ISBN : 9781498341523

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Local Currency Bond Markets - A Diagnostic Framework by World Bank,International Monetary Fund,Inter-Secretariat Working Group on National Accounts,European Bank for Reconstruction and Development Pdf

In November 2011, the G-20 endorsed an action plan to support the development of local currency bond markets (LCBM). International institutions—the IMF, the World Bank, the EBRD, and the OECD—were asked to draw on their experience to develop a diagnostic framework (DF) to identify general preconditions, key components, and constraints for successful LCBM development. The objective is to provide a tool for analyzing the state of development and efficiency of local currency bond markets. The application of the DF is expected to be flexible, bearing in mind that the potential for LCBM development depends on economic size, financing needs, and stage of economic development.

Local Currency Bond Markets Law Reform: A Methodology for Emerging Markets and Developing Economies

Wouter Bossu,Mr.Cory Hillier,Mr.Wolfgang Bergthaler
Local Currency Bond Markets Law Reform A Methodology for Emerging Markets and Developing Economies Book PDF

Author : Wouter Bossu,Mr.Cory Hillier,Mr.Wolfgang Bergthaler
Publisher : INTERNATIONAL MONETARY FUND
Page : 61 pages
File Size : 49,9 Mb
Release : 2020-11-20
Category : Business & Economics
ISBN : 151356160X

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Local Currency Bond Markets Law Reform: A Methodology for Emerging Markets and Developing Economies by Wouter Bossu,Mr.Cory Hillier,Mr.Wolfgang Bergthaler Pdf

Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets—being, a key segment of the LCBM for many emerging markets and developing economies—play a key role in reducing financial vulnerability to shocks and enable governments to finance critical economic and fiscal policy measures in response to them. Policymakers and international organizations have long recognized that developing and strengthening LCBMs is a key policy prescription to sound public debt management. Robust legal and regulatory frameworks are recognized as being critical building blocks for the structure, development and functioning of LCBMs. This Working Paper seeks to outline a strategically anchored methodology that can be applied to design, build and implement the legal and tax foundations for the development of LCBMs that would adequately address common challenges and impediments.

Good Practices for Developing a Local Currency Bond Market

Asian Development Bank
Good Practices for Developing a Local Currency Bond Market Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 350 pages
File Size : 48,6 Mb
Release : 2019-05-01
Category : Business & Economics
ISBN : 9789292616113

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Good Practices for Developing a Local Currency Bond Market by Asian Development Bank Pdf

Local currency bond markets in ASEAN+3 play an important role in diversifying financial intermediary channels and mitigating the impacts of financial crises. They also have the potential to help mobilize developing Asia's significant savings to meet the region's enormous infrastructure investment needs. Drawing extensively on knowledge generated by the ASEAN+3 Bond Market Forum, the publication looks at the essential building blocks and the enabling environment for these markets, as well as the roles of government, relevant authorities, and market participants.

Financing for the Post-pandemic Recovery: Developing Domestic Sovereign Debt Markets in Central America

Jean François Clevy,Mr. Guilherme Pedras,Mrs. Esther Perez Ruiz
Financing for the Post pandemic Recovery Developing Domestic Sovereign Debt Markets in Central America Book PDF

Author : Jean François Clevy,Mr. Guilherme Pedras,Mrs. Esther Perez Ruiz
Publisher : International Monetary Fund
Page : 34 pages
File Size : 42,5 Mb
Release : 2021-12-03
Category : Business & Economics
ISBN : 9781616357061

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Financing for the Post-pandemic Recovery: Developing Domestic Sovereign Debt Markets in Central America by Jean François Clevy,Mr. Guilherme Pedras,Mrs. Esther Perez Ruiz Pdf

The pandemic has urged countries around the globe to mobilize financing to support the recovery. This is even more relevant in Central America, where the policy response to cushion the pandemic’s economic and social impact has accentuated pre-existing debt vulnerabilities. This paper documents the potential for local currency bond markets to diversify and expand financing for the recovery, lowering bond yields, funding volatility, and exposure to global shocks. The paper further identifies priority actions, both national and regional, to support market development.

Drivers of Emerging Market Bond Flows and Prices

Mr. Evan Papageorgiou,Rohit Goel
Drivers of Emerging Market Bond Flows and Prices Book PDF

Author : Mr. Evan Papageorgiou,Rohit Goel
Publisher : International Monetary Fund
Page : 14 pages
File Size : 41,6 Mb
Release : 2021-12-16
Category : Business & Economics
ISBN : 9781616357597

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Drivers of Emerging Market Bond Flows and Prices by Mr. Evan Papageorgiou,Rohit Goel Pdf

An interesting disconnect has taken shape between local currency- and hard currency-denominated bonds in emerging markets with respect to their portfolio flows and prices since the start of the recovery from the COVID-19 pandemic. Emerging market assets have recovered sharply from the COVID-19 sell-off in 2020, but the post-pandemic recovery in 2021 has been highly uneven. This note seeks to answer why. Yields of local currency-denominated bonds have risen faster and are approaching their pandemic highs, while hard currency bond yields are still near their post-pandemic lows. Portfolio flows to local currency debt have similarly lagged flows to hard currency bonds. This disconnect is closely linked to the external environment and fiscal and inflationary pressures. Its evolution remains a key consideration for policymakers and investors, since local markets are the main source of funding for emerging markets. This note draws from the methodology developed in earlier Global Financial Stability Reports on fundamentals-based asset valuation models for funding costs and forecasting models for capital flows (using the at-risk framework). The results are consistent across models, indicating that local currency assets are significantly more sensitive to domestic fundamentals while hard currency assets are dependent on the external risk sentiment to a greater extent. This suggests that the post-pandemic, stressed domestic fundamentals have weighed on local currency bonds, partially offsetting the boost from supportive global risk sentiment. The analysis also highlights the risks emerging markets face from an asynchronous recovery and weak domestic fundamentals.

Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post-Lehman Period - a Fortune or Misfortune?

Mr.Christian Ebeke,Yinqiu Lu
Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post Lehman Period a Fortune or Misfortune Book PDF

Author : Mr.Christian Ebeke,Yinqiu Lu
Publisher : International Monetary Fund
Page : 38 pages
File Size : 52,7 Mb
Release : 2014-02-12
Category : Business & Economics
ISBN : 9781475559286

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Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post-Lehman Period - a Fortune or Misfortune? by Mr.Christian Ebeke,Yinqiu Lu Pdf

The paper shows that foreign holdings of local currency government bonds in emerging market countries (EMs) have reduced bond yields but have somewhat increased yield volatility in the post-Lehman period. Econometric analyses conducted from a sample of 12 EMs demonstrate that these results are robust and causal. We use an identification strategy exploiting the geography-based measure of EMs financial remoteness vis-à-vis major offshore financial centers as an instrumental variable for the foreign holdings variable.The results also show that, in countries with weak fiscal and external positions, foreign holdings are greatly associated with increased yield volatility. A case study using Poland data elaborates on the cross country findings.

Promoting Local Currency Sustainable Finance in ASEAN+3

Asian Development Bank
Promoting Local Currency Sustainable Finance in ASEAN 3 Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 136 pages
File Size : 43,5 Mb
Release : 2022-06-01
Category : Business & Economics
ISBN : 9789292695774

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Promoting Local Currency Sustainable Finance in ASEAN+3 by Asian Development Bank Pdf

This report provides an update on the local currency sustainable bond markets in the Association of Southeast Asian Nations and the People’s Republic of China, Japan, and the Republic of Korea (ASEAN+3). Historically, green bonds have dominated the sustainable debt market in ASEAN+3, but the coronavirus disease (COVID-19) pandemic has spawned the next generation of social- and sustainability-labeled instruments to fund a broader range of environmental and social benefits. This report provides a comprehensive summary of regional developments, identifies existing obstacles and challenges, highlights green investment opportunities in key sectors, and offers practical recommendations to further develop sustainable local currency bond markets in ASEAN+3.

Developing Bond Markets in APEC

Julius Caesar Parrenas
Developing Bond Markets in APEC Book PDF

Author : Julius Caesar Parrenas
Publisher : Flipside Digital Content Company Inc.
Page : 94 pages
File Size : 40,5 Mb
Release : 2003-08-01
Category : Business & Economics
ISBN : 9789814517461

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Developing Bond Markets in APEC by Julius Caesar Parrenas Pdf

This conference report provides a unique overview of the development of local currency bond markets in the Asia-Pacific region and cross-border investment and issuance in these markets. It brings together insights of the region's leading capital market regulators, private sector market players, finance and central bank officials and experts from academe and international development organizations, who have gathered together to assess the extent to which the region's bond markets have developed, and map out a regional strategy based on public-private sector partnership that promises to address key policy reform and capacity-building issues.This report concludes that a few emerging markets in the region have made significant advances, but many others need to undertake fundamental reforms to achieve adequate market depth and liquidity and develop an enabling regulatory framework. Successfully undertaking these reforms requires intensive regional cooperation to help address obstacles in individual economies and facilitate greater cross-border activity in the region's bond markets. Coordination is also needed to ensure the consistency of parallel initiatives being undertaken within various regional bodies, particularly APEC, ASEAN Plus Three and EMEAP, to develop a regional bond market.

OECD Sovereign Borrowing Outlook 2020

OECD
OECD Sovereign Borrowing Outlook 2020 Book PDF

Author : OECD
Publisher : OECD Publishing
Page : 64 pages
File Size : 44,5 Mb
Release : 2020-07-29
Category : Electronic
ISBN : 9789264529212

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OECD Sovereign Borrowing Outlook 2020 by OECD Pdf

The OECD Sovereign Borrowing Outlook provides regular updates on trends and developments associated with sovereign borrowing requirements, funding strategies, market infrastructure and debt levels from the perspective of public debt managers.

Asia Bond Monitor September 2021

Asian Development Bank
Asia Bond Monitor September 2021 Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 207 pages
File Size : 47,7 Mb
Release : 2021-09-01
Category : Business & Economics
ISBN : 9789292690441

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Asia Bond Monitor September 2021 by Asian Development Bank Pdf

In the second quarter of 2021, rising COVID-19 cases have cast a shadow over emerging East Asia's growth outlook. Yet the region's financial conditions remain broadly stable amid accommodative monetary policy stances despite some weakening signs. Local currency (LCY) bond markets in emerging East Asia expanded to $21.1 trillion at the end of June, as governments tapped LCY bonds to support recovery measures and contain the negative impact of rising COVID-19 cases. The ASEAN+3 sustainable bond market expanded to $345.2 billion at the end of Q2 2021, accounting for nearly 19% of the global sustainable bond market. The risk to the outlook for regional financial markets remains tilted to the downside. Uncertainty over recovery prospects due to COVID-19, combined with a strong US economic rebound and possible earlier-than-expected monetary policy normalization in the US, could lead to further weakening of financial conditions. This issue of the Asia Bond Monitor features special boxes on emerging East Asia's economic outlook, market capacity and central banks’ asset purchasing programs, debt build-up, and social risk in developing Asia.

The Asian Bond Markets Initiative

Asian Development Bank
The Asian Bond Markets Initiative Book PDF

Author : Asian Development Bank
Publisher : Asian Development Bank
Page : 69 pages
File Size : 42,5 Mb
Release : 2017-06-01
Category : Business & Economics
ISBN : 9789292578442

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The Asian Bond Markets Initiative by Asian Development Bank Pdf

The Asian Bond Markets Initiative (ABMI) was launched in December 2002 by the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea---collectively known as ASEAN+3 to strengthen financial stability and reduce the region’s vulnerability to the sudden reversal of capital flows. This paper also provides recommendations for addressing new sources of market volatility and other challenges within and outside the framework of the Asian Bond Markets Initiative.

Multi-Sector Bond Funds in Emerging Markets—Easy Come, Easy Go

Fabio Cortes,Luca Sanfilippo
Multi Sector Bond Funds in Emerging Markets Easy Come Easy Go Book PDF

Author : Fabio Cortes,Luca Sanfilippo
Publisher : International Monetary Fund
Page : 12 pages
File Size : 47,8 Mb
Release : 2021-12-16
Category : Business & Economics
ISBN : 9781616357689

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Multi-Sector Bond Funds in Emerging Markets—Easy Come, Easy Go by Fabio Cortes,Luca Sanfilippo Pdf

Unconstrained multi-sector bond funds (MSBFs) can be a source of spillovers to emerging markets and potentially exert a sizable impact on cross-border flows. MSBFs have grown their investment in emerging markets in recent years and are highly concentrated—both in their positions and their decision-making. They typically also exhibit opportunistic behavior much more so than other investment funds. Theoretically, their size, multisector mandate, and unconstrained nature allows MSBFs to be a source of financial stability in periods of wide-spread market turmoil while others sell at fire-sale prices. However, this note, building on the analysis of Cortes and Sanfilippo (2020) and incorporating data around the COVID-19 crisis, finds that MSBFs could have contributed to increase market stress in selected emerging markets. When faced with large investor redemptions during the crisis, our sample of MSBFs chose to rebalance their portfolios in a concentrated manner, raising a large proportion of cash in a few specific local currency bond markets. This may have contributed to exacerbating the relative underperformance of these local currency bond markets to broader emerging market indices.