All Theses and Dissertations


Master of Science in Economics

Faculty / School

Faculty of Business Administration (FBA)


Department of Economics

Date of Award

Fall 2020


Dr. Wali Ullah

Committee Member 1

Dr. Wali Ullah, Institute of Business Administration, Karachi

Project Type


Access Type

Restricted Access


xi, 53


In this thesis, I had modified the model presented in (Bhattacharyay, 2013) to re-examine the components of bond market development in Asia. The scatter plot of the data shows that the Japan and Korea behave very differently from the rest of Asian economies in terms of its government and corporate bond markets respectively and seems to be the outlier in the regression analysis. Therefore, the (Bhattacharyay, 2013) model is modified to account for this possible outlier and examine the determinants of bond market development in this new framework. Our results show distinguishing the behaviour of Japan in identifying the government bond and Korea in the corporate bond markets determinants and both in the total bonds model not only improves the overall fit, performance in terms of adjusted R-squared, but also leads to obtain the more appropriate signs of the impacts of regressors on the various categories of bond and overall bond market size. Moreover, the Japan and Korea behave very differently than the rest of Asian economies in terms of government and corporate bond market respectively. Therefore, the impact of the factors on these two markets is different from the other countries in terms of its magnitude rather than the direction of impact.

The full text of this document is only accessible to authorized users.