Asia’s bonny bond markets

It may appear odd for governments to borrow money they do not need. Yet this is precisely what some of them in Asia have been doing to boost to development of domestic bond markets. They regard the investment as worthwhile given the need to nurture long term fixed interest markets as an alternative to bank financing, especially in view of the region's massive needs for infrastructure spending and its past over-reliance on foreign funding.

The objective is partly to provide governments with

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