Asian bond markets: Further progress is imperative

The continued development of Asia's local bond markets is necessary for bonds to become a true alternative to bank lending.

There are many lessons to be learned from the extreme volatility and dislocation we have seen in international capital markets recently, but for Asia one thing is clear รป more progress in developing local bond markets is imperative.

The ability of Asian companies to raise investment capital in their local currencies from local debt markets has helped insulate them from the worst effects of the liquidity squeeze afflicting many parts of the international capital market. But policy makers in the...

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