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Other Publications

Foreign and Domestic Investment in Global Bond Markets

Issue: January 2018

The Asian equity and bond markets have grown rapidly in the past decades. However, challenges have emerged including lack of liquidity, inactive institutional participation, and less favorable investor profiles. This paper analyzes the drivers of foreign versus domestic investment in global bond markets. The analysis suggests that there are some differences between foreign and domestic investors in both advanced and emerging bond markets. Foreign investors seem more sensitive to risk–return profile than domestic investors, especially in emerging markets. They are also attracted by greater market openness and sound sovereign credit ratings. Finally, regional market integration can benefit emerging bond markets by broadening the investor base.

Financial Integration in Asset and liability Holdings in East Asia

Issue: August 2015

Findings from the paper generally support the conventional wisdom that East Asian countries are more financially integrated with global financial centers than they are with each other. This is confirmed by econometric analysis based on financial gravity equations. Results of additional econometric analysis indicate that the diversification of liability holdings can mitigate financial instability due to global financial shocks. This suggests that a possible indirect benefit of regional financial integration is reduced vulnerability to such shocks.

Common Understanding on Cross-Border Business Continuity Planninig and Cybersecurity

Issue: May 2018

This publication developed by the Cross-Border Settlement Infrastructure Forum, composed of the central banks and central securities depositories of the Association of Southeast Asian Nations and the People’s Republic of China, Japan, and the Republic of Korea—collectively known as ASEAN+3—is an important discussion topic as members work toward realizing the establishment of central securities depository and real-time gross settlement linkages in the region. This report sets out a broad, common understanding on the important elements of cross-border business continuity planning and cybersecurity, particularly on issues relating to the finality of cross-border settlement and payment systems. As Secretariat of the CrossBorder Settlement Infrastructure Forum, the Asian Development Bank supports this initiative.

Promoting Green Local Currency Bonds for Infrastructure Developments in ASEAN+3

Issue: April 2018

The Asian Development Bank and the Association of Southeast Asian Nations and the People’s Republic of China, Japan, and the Republic of Korea (ASEAN+3) are looking to explore options to promote green local currency-denominated bonds to meet the region’s infrastructure development needs. Green bonds—supported within the ASEAN+3 framework—would help meet the long-term financing of the region especially in its transition to a low-carbon region. This publication highlights an assessment study of green bond markets in ASEAN+3, identifies the barriers to green bond market development, and proposes recommendations to scale up green bond markets for infrastructure development in ASEAN+3.

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