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This ADBI Working Paper examines bond market spillover networks during the global pandemic in ASEAN-4 markets (Indonesia, Malaysia, the Philippines, and Thailand). The authors find that bond market spillovers increased during the pandemic, particularly in Indonesia and the Philippines, and that these spillovers were driven by changes in investor sentiment and risk aversion. The paper also highlights the importance of macroprudential policies in mitigating the impact of spillovers on financial stability. Overall, the paper provides valuable insights for policymakers and market participants in the ASEAN region and beyond.
