A study of local currency bond market development determinants in Emerging Market Economies (EMEs) is considered important when most EMEs and developing countries are shifting from issuing long-term debt securities in foreign currency denominations to their respective local currencies. This dissertation discusses key factors that influence the development of the local currency bond market (LCBM) in emerging developing economies. This study uses three different models to examine the importance of various factors. A total of 26 countries have been examined, and their data revealed several interesting results. The results show that larger economic size, larger banking systems, greater trade openness, larger stock market, lower inflation, fiscal deficit, and stable exchange rate promote LCBM development. The results of this study support most of the previous research findings on LCBM in EMEs. Further, capital controls in general and specific controls on bonds have a negative impact on the development of LCBM. In addition, a continuous supply of government local currency bonds supports the development of private sector LCBM. However, government foreign currency bonds were found to have a negative impact on private-sector LCBM growth.
","abstract_html":"<p>A study of local currency bond market development determinants in Emerging Market Economies (EMEs) is considered important when most EMEs and developing countries are shifting from issuing long-term debt securities in foreign currency denominations to their respective local currencies. This dissertation discusses key factors that influence the development of the local currency bond market (LCBM) in emerging developing economies. This study uses three different models to examine the importance of various factors. A total of 26 countries have been examined, and their data revealed several interesting results. The results show that larger economic size, larger banking systems, greater trade openness, larger stock market, lower inflation, fiscal deficit, and stable exchange rate promote LCBM development. The results of this study support most of the previous research findings on LCBM in EMEs. Further, capital controls in general and specific controls on bonds have a negative impact on the development of LCBM. In addition, a continuous supply of government local currency bonds supports the development of private sector LCBM. However, government foreign currency bonds were found to have a negative impact on private-sector LCBM growth.</p>","abstract_has_math":false,"creators":["Alsadoun, Mohanad"],"institution":null,"degree_name":"Economics, PhD","degree_level":"Open Access Dissertation","degree_discipline":"School of Social Science, Politics, and Evaluation","degree_department":null,"school":null,"contributors":["Pierangelo De Pace","Levan Efremidze"],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2022,"date_issued":"2022-01-01T08:00:00Z","date_published":"2022-01-01T08:00:00Z","updated_at":"2026-07-24T01:40:15Z","subjects":["capital controls","foreign currency bond","local currency bond market","Economics"],"languages":[],"rights":[],"rights_urls":[],"identifier_entries":[]},"links":{"outbound_url":"https://scholarship.claremont.edu/cgu_etd/447","outbound_label":"Repository record","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Pierangelo De Pace","Levan Efremidze"]},{"key":"dc:creator","label":"Author","values":["Alsadoun, Mohanad"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date.available","label":"Dc Date Available","values":["2023-04-21T07:00:00Z"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["School of Social Science, Politics, and Evaluation"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Open Access Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Economics, PhD"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["capital controls","foreign currency bond","local currency bond market","Economics"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["https://scholarship.claremont.edu/cgu_etd/447"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description.abstract","label":"Abstract","values":["A study of local currency bond market development determinants in Emerging Market Economies (EMEs) is considered important when most EMEs and developing countries are shifting from issuing long-term debt securities in foreign currency denominations to their respective local currencies. This dissertation discusses key factors that influence the development of the local currency bond market (LCBM) in emerging developing economies. This study uses three different models to examine the importance of various factors. A total of 26 countries have been examined, and their data revealed several interesting results. The results show that larger economic size, larger banking systems, greater trade openness, larger stock market, lower inflation, fiscal deficit, and stable exchange rate promote LCBM development. The results of this study support most of the previous research findings on LCBM in EMEs. Further, capital controls in general and specific controls on bonds have a negative impact on the development of LCBM. In addition, a continuous supply of government local currency bonds supports the development of private sector LCBM. However, government foreign currency bonds were found to have a negative impact on private-sector LCBM growth.
"]},{"key":"dc:title","label":"Title","values":["Determinants of Bond Market Development in Emerging and Developing Economies"]}]}],"canonical_facts":{"dc:contributor":["Pierangelo De Pace","Levan Efremidze"],"dc:creator":["Alsadoun, Mohanad"],"dc:date.available":["2023-04-21T07:00:00Z"],"dc:description.abstract":["A study of local currency bond market development determinants in Emerging Market Economies (EMEs) is considered important when most EMEs and developing countries are shifting from issuing long-term debt securities in foreign currency denominations to their respective local currencies. This dissertation discusses key factors that influence the development of the local currency bond market (LCBM) in emerging developing economies. This study uses three different models to examine the importance of various factors. A total of 26 countries have been examined, and their data revealed several interesting results. The results show that larger economic size, larger banking systems, greater trade openness, larger stock market, lower inflation, fiscal deficit, and stable exchange rate promote LCBM development. The results of this study support most of the previous research findings on LCBM in EMEs. Further, capital controls in general and specific controls on bonds have a negative impact on the development of LCBM. In addition, a continuous supply of government local currency bonds supports the development of private sector LCBM. However, government foreign currency bonds were found to have a negative impact on private-sector LCBM growth.
"],"dc:identifier":["https://scholarship.claremont.edu/cgu_etd/447"],"dc:subject":["capital controls","foreign currency bond","local currency bond market","Economics"],"dc:title":["Determinants of Bond Market Development in Emerging and Developing Economies"],"thesis:degree_discipline":["School of Social Science, Politics, and Evaluation"],"thesis:degree_level":["Open Access Dissertation"],"thesis:degree_name":["Economics, PhD"]},"updated_at":"2026-07-24T01:40:15Z"}