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Monetary policy and bond market development: A case of Mongolia

Doojav, Gan-Ochir and Damdinsuren, Batnyam and Baasansuren, Lkhagvajav (2007): Monetary policy and bond market development: A case of Mongolia.

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In this paper we have three principal objectives. First, we measure the bond market development in Mongolia. Second, we analyse in some detail the stock markets response to monetary policy actions using VAR (vector autoregression) analysis. Third, we study determinants (include monetary policy variables and other macro economic variables) of Mongolian bond market development using VAR analysis. We find that bond market in Mongolia remain underdeveloped compared to markets in Latin America, East Asia, developed countries and some countries of ESCAP Member States (Pakistan and Sri Lanka).The results also show that the macroeconomic stability and financial intermediary development is important predicators of bond market capitalisation, while the real income level and bond market liquidity does not prove significant.

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