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    Developing India's Offshore Local Currency Bond Market: Lessons from Emerging Countries

    Kohli, Renu; Sahoo, Pravakar; Khan, M. Shuheb | August 2017
    Abstract
    After the 2008 financial crisis, macroeconomic positions and growth prospects weakened in the advanced economies; emerging market economies (EMEs) improved however. Offshore, local-currency bonds of EMEs became popular as result, with many EMEs exploiting the opportunity. India also launched its rupee-denominated bond (masala bond) abroad in 2013, seeking to cultivate this channel for domestic infrastructure financing, while mitigating currency risks. Although still nascent, masala bonds have generated tremendous interest amongst issuers and investors. Market growth and development is challenged though by several issues, notably lacking liquidity and depth. This paper takes stock. It assesses the current market state and structure, surveys a cross-section of market participants to identify the relevant issues, and employs two case studies of EME peers, China and Brazil, to learn from their respective paths and experiences in similar regard. The paper concludes by listing the key essentials for future growth and long-term sustainability of the masala bond market and its emergence as a viable avenue for infrastructure financing.
    Citation
    Kohli, Renu; Sahoo, Pravakar; Khan, M. Shuheb. 2017. Developing India's Offshore Local Currency Bond Market: Lessons from Emerging Countries. © Indian Council for Research on International Economic Relations. http://hdl.handle.net/11540/7444.
    Keywords
    Public Accounting
    Business Financing
    Subsidies
    Social Equity
    Economic Equity
    Project Risks
    Project Impact
    Public Administration
    Corporations
    Taxation
    Public Debt
    Local Government
    Debt Management
    Taxation
    Public Accounting
    National Budget
    Municipal Bonds
    Local Government
    Local Taxes
    International Monetary Relations
    International Financial Market
    International Banking
    Central Banks
    Business Financing
    Financial Aspects
    Fiscal Policy
    Regional Development Finance
    Public Scrutiny of City Finances
    Non-Bank Financial Institutions
    Local Government Finance
    Government Financial Institutions
    Foreign and Domestic Financing
    Financial Risk Management
    Assessing Corporate Governance
    Good Governance
    Governance Approach
    Urban Development Finance
    Trade Finance
    Small Business Finance
    Rural Finance
    Roundtable on International Trade and Finance
    Regional Development Finance
    Investment Requirements
    Banks
    |Taxing power
    Tax administration and procedure
    Tax policy
    Effect of taxation on labor supply
    Decentralization in government
    Community power
    Corporate divestment
    Civil government
    Delegation of powers
    Equality
    Neighborhood government
    Subnational governments
    Delivery of government services
    Local taxation
    Options
    Government
    Local government
    Taxation
    Grants
    Loans
    Use tax
    Taxing power
    State of taxation
    Tax-sales
    Tax revenue estimating
    Tax planning
    Spendings tax
    Special assessments
    Tax administration and procedure
    Sales tax
    Real property and taxation
    Progressive taxation
    Effect of taxation on land use
    Effect of taxation on labor supply
    Intergovernmental tax relations
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    Citable URI
    http://hdl.handle.net/11540/7444
    Metadata
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    Working_Paper_344.pdf (1.147Mb)
    Author
    Kohli, Renu
    Sahoo, Pravakar
    Khan, M. Shuheb
    Theme
    Finance
    Governance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise