新冠肺炎疫情后新兴经济体中发展本币政府债券市场：以老挝人民民主共和国为例（英）

DEVELOPiNgALOCALCURRENCygOVERNmENTBONDmARkET iNANEmERgiNgECONOmy AFTERCOViD-19 CASEFORThELAOPEOPLE’SDEmOCRATiCREPUBLiC DECEmBER2022 ASIANDEVELOPMENTBANK DEVELOPiNgALOCALCURRENCygOVERNmENTBONDmARkET iNANEmERgiNgECONOmyAFTERCOViD-19 CASEFORThELAOPEOPLE’SDEmOCRATiCREPUBLiCDECEmBER2022 ASIANDEVELOPMENTBANK CreativeCommonsAttribution3.0iGOlicense(CCBY3.0iGO) ©2022AsianDevelopmentBank 6ADBAvenue,MandaluyongCity,1550MetroManila,PhilippinesTel+63286324444;Fax+63286362444 www.adb.org Somerightsreserved.Publishedin2022. ISBN978-92-9269-869-0(print);978-92-9269-870-6(electronic);978-92-9269-871-3(ebook) PublicationStockNo.TCS220527-2 DOI:http://dx.doi.org/10.22617/TCS220527-2 TheviewsexpressedinthispublicationarethoseoftheauthorsanddonotnecessarilyreflecttheviewsandpoliciesoftheAsianDevelopmentBank(ADB)oritsBoardofGovernorsorthegovernmentstheyrepresent. ADBdoesnotguaranteetheaccuracyofthedataincludedinthispublicationandacceptsnoresponsibilityforanyconsequenceoftheiruse.ThementionofspecificcompaniesorproductsofmanufacturersdoesnotimplythattheyareendorsedorrecommendedbyADBinpreferencetoothersofasimilarnaturethatarenotmentioned. Bymakinganydesignationoforreferencetoaparticularterritoryorgeographicarea,orbyusingtheterm“country”inthisdocument,ADBdoesnotintendtomakeanyjudgmentsastothelegalorotherstatusofanyterritoryorarea. ThisworkisavailableundertheCreativeCommonsAttribution3.0IGOlicense(CCBY3.0IGO)https://creativecommons.org/licenses/by/3.0/igo/.Byusingthecontentofthispublication,youagreetobeboundbythetermsofthislicense.Forattribution,translations,adaptations,andpermissions,pleasereadtheprovisionsandtermsofuseathttps://www.adb.org/terms-use#openaccess. ThisCClicensedoesnotapplytonon-ADBcopyrightmaterialsinthispublication.Ifthematerialisattributedtoanothersource,pleasecontactthecopyrightownerorpublisherofthatsourceforpermissiontoreproduceit.ADBcannotbeheldliableforanyclaimsthatariseasaresultofyouruseofthematerial. Pleasecontactpubsmarketing@adb.orgifyouhavequestionsorcommentswithrespecttocontent,orifyouwishtoobtaincopyrightpermissionforyourintendedusethatdoesnotfallwithintheseterms,orforpermissiontousetheADBlogo. CorrigendatoADBpublicationsmaybefoundathttp://www.adb.org/publications/corrigenda.Notes: Inthispublication,“USD”referstoUnitedStatesdollars. ADBrecognizestheLaoPeople’sDemocraticRepublicasthe“LaoPDR”;Hongkongas“HongKong,China”;andVietnamas“VietNam”. Inthisreport,internationalstandardsfornamingconventions—InternationalOrganizationforStandardization(ISO)3166forcountrycodesandISO4217forcurrencycodes—areusedtoreflectthediscussionsoftheASEAN+3BondMarketForumtopromoteandsupportimplementationofinternationalstandardsinfinancialtransactionsintheregion.ASEAN+3comprisestheAssociationofSoutheastAsianNations(ASEAN)plusthePeople’sRepublicofChina,Japan,andtheRepublicofKorea.TheeconomiesofASEAN+3asdefinedinISO3166includeBruneiDarussalam(BN;BRN);Cambodia(KH;KHM);thePeople’sRepublicofChina(CN;CHN);HongKong,China(HK;HKG);Indonesia(ID;IDN);Japan(JP;JPN);theRepublicofKorea(KR;KOR);theLaoPeople’sDemocraticRepublic(LA;LAO);Malaysia(MY;MYS);Myanmar(MM;MMR);thePhilippines(PH;PHL);Singapore(SG;SGP);Thailand(TH;THA);andVietNam(VN;VNM).ThecurrenciesofASEAN+3asdefinedinISO4217includetheBruneidollar(BND),Cambodian riel(KHR),YuanRenminbi(CNY),HongKongdollar(HKD),Indonesianrupiah(IDR),Japaneseyen(JPY),Koreanwon(KRW),Laokip(LAK),Malaysianringgit(MYR),Myanmarkyat(MMK),Philippinepeso(PHP),Singaporedollar(SGD),Thaibaht(THB),andVietnamesedong(VND) CoverdesignbyEdithCreus. Contents TablesandFiguresiv mOFForewordv ADBForewordvi Acknowledgmentsvii ExecutiveSummaryviii Abbreviationsix 1introduction1 2TheFunctionofthegovernmentBondmarket2 3importanceofLocalCurrencyFinanceforDebtmanagementandSustainability4 4NecessaryBuildingBlocksandEcosystemstoDevelopagovernmentBondmarket6 5OverviewoftheLaoPDRgovernmentBondmarket8 5.1LegalandRegulatoryFrameworkoftheLaoPDRGovernmentBondMarket9 5.2CategoriesoftheLaoPDRGovernmentSecurities9 5.3IssuanceProcessofGovernmentSecuritiesintheLaoPDR11 5.4DepositoryofGovernmentSecuritiesintheLaoPDR13 5.5PricingofGovernmentSecuritiesatthePrimaryMarket13 5.6SecondaryMarket14 5.7InvestorBase15 5.8MarketInfrastructureforCashandSecuritiesSettlement16 6EssentialBuildingBlocksandEcosystemstoDeveloptheLaoPDRgovernment18 Bondmarket 6.1DevelopmentofSoundMarketInfrastructures18 6.2EnhancementofTreasurySingleAccountandFiscalInformationDisclosure18 6.3IntroductionofPrimaryDealerstoEnhanceCommunicationwiththeMarket19 6.4ExpandingInvestorBase19 6.5CoordinationandCollaborationamongtheRelevantAuthoritiesandStakeholders20 7Conclusion21 TablesandFigures Tables 1GovernmentGrossDebt-to-GDPRatioinSelectASEANMemberStates8 2ExternalandDomesticProportionsofPPGDebtOutstanding8 3CategoriesofGovernmentBonds9 4DomesticGovernmentBondsOutstanding10 5GovernmentDepositsatCommercialBanksandtheBOL11 6PrimaryDealersinSelectedASEANMemberStates12 7GovernmentSecuritiesDepositoryinSelectedASEANMemberStates13 8InterestRatesofTreasuryBillandBudget-BalancingBond