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The World Bank Research Observer Advance Access originally published online on September 17, 2007
The World Bank Research Observer 2007 22(2):165-195; doi:10.1093/wbro/lkm007
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Right arrow F34 - International Lending and Debt Problems
Right arrow F32 - Current Account Adjustment; Short-Term Capital Movements
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© The Author 2007. Published by Oxford University Press on behalf of the International Bank for Reconstruction and Development / THE WORLD BANK. All rights reserved. For permissions, please e-mail: journals.permissions@oxfordjournals.org

Domestic Bond Market Development: The Arirang Bond Experience in Korea

Jonathan A. Batten and Peter G. Szilagyi

This study contrasts the development of the Republic of Korea's market for won-denominated foreign bonds (Arirang) with similar markets in the Asia-Pacific region. It discusses the problems, concerns, and key issues related to the development of this market within the broader context of domestic, regional, and global bond market development. Korea's experience provides valuable lessons for other emerging market economies also seeking to build bond markets for local and foreign issuers. The sophistication of the local bond market is not enough to make it appealing to foreign borrowers. Market development demands ensuring an enabling infrastructure and a background of macroeconomic stability, nurturing local and international demand, deregulating capital flows, and minimizing exchange restrictions.

JEL codes: F34, G18


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