3  For example, see Jochen R. Andritzky, “Government Bonds and Their Investors: What Are the Facts and Do They Matter?”, IMF Working Paper, June 2012. 2  BIS central bankers’ speeches  The second challenge is to improve the resilience of financial markets against financial stress, and here collateralized markets are the key.
While the bond markets show remarkable growth in Asia, the collateralized money markets, including the repo markets, are underdeveloped, except in Japan. In most of the emerging market economies, repo transactions are largely used for the monetary policy operations of the central bank, while they are rather rarely used between private market participants.