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:
- N27 - Economic History - - Financial Markets and Institutions - - - Africa; Oceania
- N47 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Africa; Oceania
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- Jonathan Kearns & Ricardo J. Caballero & Kevin Cowan, 2004.
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- 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.
- 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.
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