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Broadening the Investor Base for Local Currency Bonds in ASEAN+2 Countries

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  • , AISDL

Abstract

This study was undertaken under ABMI and funded by the Government of Japan. It focuses on measures to expand the investor base for local currency bonds in ASEAN and the PRC and the Republic of Korea, with the goal of generating greater variety in investment objectives and a wider range of investment strategies. This will enhance market liquidity by creating new trading opportunities and will reduce market fluctuations by allowing bonds exhibiting different investment risks to be held by those most capable of bearing them. It is not only the size of the investor base that matters but also its diversity. An investor base can be large, however, if it is concentrated among a small number of institutions employing similar investment strategies, the result may be a multitude of “buy-and-hold” portfolios that ultimately undermine the efficiency and effectiveness of local bond markets.

Suggested Citation

  • , Aisdl, 2013. "Broadening the Investor Base for Local Currency Bonds in ASEAN+2 Countries," OSF Preprints u358g, Center for Open Science.
    • Handle: RePEc:osf:osfxxx:u358g
    DOI: 10.31219/osf.io/u358g
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    References listed on IDEAS

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    1. Yunyong Thaicharoen & Nasha Ananchotikul, 2008. "Thailand’s experiences with rising capital flows: recent challenges and policy responses," BIS Papers chapters, in: Bank for International Settlements (ed.), Financial globalisation and emerging market capital flows, volume 44, pages 427-465, Bank for International Settlements.
    2. Winai Wongsurawat, 2011. "Management fees and total expenses of mutual funds in Thailand," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 16(1), pages 15-28.
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