Bond Market Development and Economic Growth: An Empirical Study in Asia

NGUYEN THI MINH HUE, NGUYEN NGOC TRAM

Abstract


This paper investigates the impact of bond market development on economic growth in 10 Asian countries from 1990 to 2016. We examine this relationship in addition to stock market development as well as bank development. In this paper, we investigate the bond market development in four different dimensions: domestic private debt securities, domestic public debt securities, international private debt securities, and international public debt securities. Applying a fixed effect model, this paper confirms the positive effect of bond market development on growth. Our results imply that to promote the economy in Asian countries, policymakers should pay more attention to develop the bond market.

Keywords: Asia, bond market development, economic growth.

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Department of Public Administration
KHON KAEN UNIVERSITY.
Room A5 Floor 7th Rattanapittaya Building
Faculty of Humanities and Social Sciences,
Khon Kaen University, Khon Kaen, Thailand

Email:sataro@kku.ac.th

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