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Domestic Bond Market Development: The Arirang Bond Experience in Korea

Jonathan A. Batten and Peter G. Szilagyi
The World Bank Research Observer
Vol. 22, No. 2 (Fall, 2007), pp. 165-195
Published by: Oxford University Press
Stable URL: http://www.jstor.org/stable/40282364
Page Count: 31
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Domestic Bond Market Development: The Arirang Bond Experience in Korea
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Abstract

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.

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