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An Anatomy of Corporate Bond Markets

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Author Info

  • Pipat Luengnaruemitchai
  • Li L. Ong

Abstract

The objective of this paper is to discuss the key issues relating to the development of local corporate bond markets. We examine the requirements for local corporate bond market development, and compare and contrast experiences across both mature and emerging markets. We suggest that core aspects such as benchmarking, corporate governance and disclosure, credit risk pricing, the availability of reliable trading systems, and the development of hedging instruments are fundamental for improving the breadth and depth of corporate debt markets. The demand and supply of corporate bonds are dependent on factors such as the investor base, both local and foreign, and government policies toward the issuance process and associated costs, as well as the taxation regime. The sequencing of reforms is key to market development.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 05/152.

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Length: 25
Date of creation: 01 Jul 2005
Date of revision:
Handle: RePEc:imf:imfwpa:05/152

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Related research

Keywords: Emerging markets; Governance; bond; bonds; bond markets; corporate bonds; corporate bond; bond market; corporate bond market; corporate bond markets; securities markets; bond issuance; derivatives markets; debt securities; capital markets; mature markets; local bond; government bonds; financial markets; bond issues; government bond market; hedging; local bond markets; government bond; international capital markets; local corporate bond markets; government securities; hedge; domestic bond; bond market development; government bond markets; development of bond markets; international capital; domestic bonds; money markets; domestic bond market; stock exchange; domestic bond markets; domestic securities; credit rating; corporate bond market development; money market; investor confidence; local corporate bond market; secondary bond market; derivative; securities clearing; hedging instruments; bond funds; hedge funds; corporate bond issuance; securities commissions; supply of bonds; convertible bonds; futures contracts; financial system; development of corporate bond markets; risk aversion; stock market; local bond market; new york stock exchange; financial institutions; indexed bonds; securities market; bond transactions; bond issue; bond contracts; derivative products; crowding out; financial stability; stock exchanges; bond settlement; bondholders; issuance of bonds; capital controls; capital income; financial structure; bond future; international financial markets; developing government bond; international financial statistics; private sector bond; local bonds; derivative contracts; interest rate futures; junk bond; financial fragility; securities regulations; credit derivatives; financial systems; unsecured bonds; callable bonds; corporate bond issues; financial sector; financial repression; domestic corporate bond; treasury securities; capital income taxation; interest rate swaps; international bond; bond issuers; new securities; developing government bond markets; stock of debt; deposit rates; development of domestic bond; securities laws; bond issuances; financial intermediaries; credit rating agencies; financial derivatives; stock exchange listing; international finance; individual bondholders; fixed income securities;

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References

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  1. Burger, John D. & Warnock, Francis E., 2007. "Foreign participation in local currency bond markets," Review of Financial Economics, Elsevier, vol. 16(3), pages 291-304.
  2. Marco Pagano, 2004. "The European Bond Markets under EMU," Oxford Review of Economic Policy, Oxford University Press, vol. 20(4), pages 531-554, Winter.
  3. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications, The World Bank, number 13865, October.
  4. Barry Eichengreen & Pipat Luengnaruemitchai, 2004. "Why Doesn't Asia Have Bigger Bond Markets?," NBER Working Papers 10576, National Bureau of Economic Research, Inc.
  5. Jorge Desormeaux, 2002. "Capital Markets in Chile: From Financial Repression to Financial Deepening," Economic Policy Papers Central Bank of Chile 04, Central Bank of Chile.
  6. John Hawkins, 2002. "Bond markets and banks in emerging economies," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 42-48 Bank for International Settlements.
  7. Vives,Xavier (ed.), 2000. "Corporate Governance," Cambridge Books, Cambridge University Press, number 9780521781640, October.
  8. T. Todd Smith, 1995. "Markets for Corporate Debt Securities," IMF Working Papers 95/67, International Monetary Fund.
  9. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
  10. Rodrigo Cifuentes & Jorge Desormeaux & Claudio González, 2002. "Capital markets in Chile: from financial repression to financial deepening," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 86-102 Bank for International Settlements.
  11. Bank for International Settlements, 2002. "The development of bond markets in emerging economies," BIS Papers, Bank for International Settlements, number 11, May.
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Citations

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Cited by:
  1. Diego Valderrama & Katheryn N. Russ, . "A Theory of Banks, Bonds, and the Distribution of Firm Size," Working Papers 915, University of California, Davis, Department of Economics.
  2. Sze Kim Chin & Nur Adiana Hiau Abdullah, 2013. "Announcements Effect of Corporate Bond Issuance and Its Determinants," Contemporary Economics, University of Finance and Management in Warsaw, vol. 7(1), March.
  3. Russ, Katheryn N. & Valderrama, Diego, 2012. "A theory of bank versus bond finance and intra-industry reallocation," Journal of Macroeconomics, Elsevier, vol. 34(3), pages 652-673.
  4. Christian Calmès & Raymond Théoret, 2008. "Banking Deregulation and Financial Stability : is it Time to re-regulate in Canada ?," RePAd Working Paper Series UQO-DSA-wp042008, Département des sciences administratives, UQO.
  5. Hélène Poirson, 2007. "Financial Market Implications of India's Pension Reform," IMF Working Papers 07/85, International Monetary Fund.
  6. 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.
  7. Nath, Golaka, 2012. "Indian corporate bonds market –an analytical prospective," MPRA Paper 38992, University Library of Munich, Germany.
  8. Jamel Boukhatem, 2009. "Essai sur les déterminants empiriques de développement des marchés obligataires," EconomiX Working Papers 2009-32, University of Paris West - Nanterre la Défense, EconomiX.

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