In a recent speech, Bank for International Settlements General Manager Malcolm Knight discussed how a strong financial system requires a wide variety of financing channels in which banks and fixed income markets compete in onlending to deficit agents. Knight encouraged Asian central bankers to share their experiences in developing their corporate bond markets, and said that Malaysia, Korea, and Australia were good examples of how such markets had been well developed.
Building local currency bond markets is an important issue for emerging economies. IFC has put out its own guide, "Building Local Bond Markets: An Asian Perspective."
