The Asian Development Bank Institute (ADBI) recently released its policy recommendations for Designing New and Balanced Financial Market Structures in Post-crisis Asia. I am happy that Mr. Yoshitomi will share the recommendations later this afternoon. The theme for the Deputy Governors Meeting at the Bank for International Settlements (BIS) last December was Development of Debt Markets in Emerging Economies.
I would draw heavily from these discussions in flagging issues for consideration while the Indian experience would illustrate the complexities in addressing some of these issues in a specific country context. My address today initially provides an overview of the reasons advocated for the development of a bond market, followed by a second section giving the possible motivations for development of bond markets.