Asian Development Bank

The Asian Bond Markets Initiative Asian Development Bank

The Asian Bond Markets Initiative was launched in December 2002 by the Association of SoutheastAsian Nations (ASEAN) and the People's Republic of China, Japan, and the Republic of Korea-collectively known as ASEAN 3-to strengthen financial stability and reduce the region's vulnerability to the sudden reversal of capital flows. This publication looks at the achievements and medium-term plans, and provides recommendations for policy makers' consideration in addressing new sources of market volatility and other challenges within and outside the framework of the Asian Bond Markets Initiative.