Edited by Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen and Evan Gibson
Chapter 11: ASEAN bond markets: developments and challenges
Since 1997 substantial progress has been made to establish institutions and realize legal harmonisation within the ASEAN bond market. The legal personality of ASEAN has enabled the implementation of a series of regulatory initiatives to support bond market development. Only recently has ASEAN undertaken an active role to introduce initiatives that strengthen bond market integration. The development of the ASEAN bond market is supported by a complex layer of rule-based and relation-based cooperation arrangements which are subject to broader Asian financial cooperation arrangements, such as ASEAN+3, which significantly influence market innovation. There is a vast disparity in domestic ASEAN bond market development and market integration requires high-level institutional arrangements and a synchronized regulatory framework. The current system is weak while legal harmonization fails to address all regulatory issues. These problems pose challenges for future ASEAN bond market integration.
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