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ASEAN Bond Market Integration: What Drives Cross-Border Bond Investment in ASEAN? 6

By: 4 0 16, [, ] | [, ] |

Contributor(s): DLSU Business & Economic Review. 27:2 (January 2018). pp.15-22 5 6 [] |

Language: Unknown language code Summary language: Unknown language code Original language: Unknown language code Series: ; 46Edition: Description: Content type: text Media type: unmediated Carrier type: volumeISBN: ISSN: 2Other title: 6 []Uniform titles: | | Related works: 1 40 Angelo Taningco 6 []Subject(s): -- 2 -- 0 -- -- | -- 2 -- 0 -- 6 -- | 2 0 -- | -- -- 20 -- | | -- -- ASEAN;FINANCIAL INTEGRATION -- BOND MARKET -- -- | -- -- -- 20 -- --Genre/Form: -- 2 -- Additional physical formats: DDC classification: | LOC classification: | | 2Other classification:

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Item type	Current location	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Book	PLM	PLM Periodicals Section	Periodicals	LG221.M35 (Browse shelf)	Available		PER1920B

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Previous	LG221.M35 Lost and Found Again : Subjective Norm in Gym Membership	LG221.M35 DLSU business and economics review.	LG221.M35 Long-Run Linkages of ASEAN+3 Floating Currencies	LG221.M35 ASEAN Bond Market Integration: What Drives Cross-Border Bond Investment in ASEAN?	LG221.M35 Strategic Position of Bond Markets in ASEAN-5: Challenges and Directions for Development	LG221.M35 Is a Regional Credit Rating Agency for the ASEAN Feasible?	LG221.M35 Ownership Structure and Stock Return Asymmetries in ASEAN-5 Stock Markets: A Firm-Level Analysis	Next

Abstract: Bond market integration in the Association of Southeast Asian Nations (ASEAN) appears to be relatively low or weak especially in terms of intraregional bond investment despite the robust growth in bond market size in recent years and policy initiatives in support of developing bond markets in the region. This paper aims to contribute to the literature on ASEAN financial integration by providing empirical evidence and policy insights on what can help boost intra-ASEAN bond investment. Using panel regression following a gravity model framework and spanning five major ASEAN member countries-Indonesia, Malaysia, the Philippines, Singapore, and Thailand-over the 2001-2014 period, this study finds that the bond market size of the origin country, having a common language between origin and destination countries, and financial openness in both origin and destination countries are positively significant with respect to intra-ASEAN bond investment. These findings highlight the importance of narrowing information or transaction costs in order to promote freer flow of capital within ASEAN bond markets and thereby attain regional financial integration. 56

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