A History of Australian Corporate Bonds
AbstractThis paper examines the development of Australian corporate bond issuance since the early 20th century, based on a new unit-record dataset that we have compiled. Issuance trends have changed significantly over the past century as bond markets have become more diverse, sophisticated and globally integrated. A number of changes over the past century are discussed: (i) today, issuance is largely by private entities whereas it was dominated by government-owned corporations historically; (ii) the issuer base has shifted from being mostly non-financial corporations towards banks; (iii) a wide range of entities are now able to tap the bond market; (iv) Australian corporations now raise a large share of funds offshore; and (v) the investor base has shifted away from direct holdings by households towards indirect holdings through superannuation/managed funds and holdings by non-residents. These developments have largely been due to: the evolution of the structure of the Australian economy; privatisations; and changes in the regulatory landscape, particularly the deregulation of the banking system in the 1980s, and the floating of the exchange rate and abolition of capital controls in 1983.
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Bibliographic InfoPaper provided by Reserve Bank of Australia in its series RBA Research Discussion Papers with number rdp2012-09.
Date of creation: Dec 2012
Date of revision:
Other versions of this item:
- Susan Black & Joshua Kirkwood & Thomas Williams & Alan Rai, 2013. "A History of Australian Corporate Bonds," Australian Economic History Review, Economic History Society of Australia and New Zealand, Economic History Society of Australia and New Zealand, vol. 53(3), pages 292-317, November.
- N27 - Economic History - - Financial Markets and Institutions - - - Africa; Oceania
- N47 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Africa; Oceania
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Ricardo Caballero & Kevin Cowan & Jonathan Kearns, 2005.
"Fear of Sudden Stops: Lessons From Australia and Chile,"
Journal of Economic Policy Reform, Taylor & Francis Journals,
Taylor & Francis Journals, vol. 8(4), pages 313-354.
- Ricardo J. Caballero & Kevin Cowan & Jonathan Kearns, 2005. "Fear of Sudden Stops: Lessons from Australia and Chile," Research Department Publications 4363, Inter-American Development Bank, Research Department.
- Jonathan Kearns & Ricardo J. Caballero & Kevin Cowan, 2004. "Fear of Sudden Stops: lessons from Australia and Chile," Econometric Society 2004 Latin American Meetings, Econometric Society 185, Econometric Society.
- Ricardo J Caballero & Kevin Cowan & Jonathan Kearns, 2004. "Fear of Sudden Stops: Lessons from Australia and Chile," RBA Research Discussion Papers, Reserve Bank of Australia rdp2004-03, Reserve Bank of Australia.
- Ricardo Caballero & Kevin Cowan & Jonathan Kearns, 2004. "Fear of Sudden Stops: Lessons from Australia and Chile," NBER Working Papers 10519, National Bureau of Economic Research, Inc.
- Carl Schwartz, 2010. "The Australian Government Guarantee Scheme," RBA Bulletin, Reserve Bank of Australia, pages 19-26, March.
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