Disintermediation and the Development of Bond Markets in Emerging Europe
Abstract
The recent financial crises in Asia and Russia have shown that emerging European economies, due to their strong dependence on foreign capital, are highly vulnerable to the excessive volatility of international capital flows. Those economies that pursued sound macroeconomic policies, including setting up functioning financial market systems, have held up well and avoided major spillover effects. We argue that the appropriate approach to meet future refinancing needs is through the development of viable domestic and international bond markets. A key benefit of this strategy will be a reduction in systemic risk and the probability of future crisis.Download Info
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Bibliographic Info
Article provided by Taylor and Francis Journals in its journal International Journal of the Economics of Business.
Volume (Year): 10 (2003)
Issue (Month): 1 ()
Pages: 67-82
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Handle: RePEc:taf:ijecbs:v:10:y:2003:i:1:p:67-82
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For corrections or technical questions regarding this item, or to correct its listing, contact: (Michael McNulty).
Related research
Keywords: Disintermediation; Bond Markets; Emerging Markets;References
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Endo, Tadashi, 2008. "Broadening the offering choice of corporate bonds in emerging markets : cost-effective access to debt capital," Policy Research Working Paper Series 4655, The World Bank.
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