The Underlying Constraints on Corporate Bond Market Development in Southeast Asia |
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| Affiliation: | 1. Deakin University, Elgar Road, Burwood, VIC 3125, Australia;2. Deakin University, Australia;3. Centre for Islamic Business and Finance Research, Nottingham University Business School, The University of Nottingham Malaysia Campus, Jalan Broga, Semenyih, Selangor Darul Ehsan 43000, Malaysia;1. School of Business, Singapore University of Social Sciences, 461 Clementi Road, Singapore 599491, Singapore;2. Asian Growth Research Institute, 11-4 Ohtemachi, Kokurakita-ku, Kitakyushu, Fukuoka 803-0814, Japan |
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| Abstract: | There has been little analysis on the underlying institutional constraints to corporate bond market development in Thailand, Malaysia and Indonesia. Research so far has concentrated on weaknesses in market infrastructure. This paper illustrates the interlocking relationships between corporations, banks and governments that have dissuaded bond issuance by companies and also contributed to the underdevelopment of the demand side of the market. The implication of this research is that, in addition to the often recommended measures to strengthen the market infrastructure, corporate bond market development in these countries is also contingent upon deep-set institutional change. |
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