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A History of Australian Corporate Bonds

Author

Listed:
  • Susan Black
  • Joshua Kirkwood
  • Thomas Williams
  • Alan Rai

Abstract

We compile a new unit‐record data set of Australian corporate bond issuance, which sheds light on developments in the bond market since the early twentieth century. Reflecting the evolution of the economy, privatisations, and changes in the regulatory landscape the following trends are noteworthy: (i) issuance today is largely by private entities whereas government‐owned corporations dominated historically; (ii) the issuer base has shifted away from non‐financial corporations towards banks, with corporations now raising a large share of funds offshore; and (iii) the investor base has shifted away from direct holdings by households towards holdings through superannuation/managed funds and holdings by non‐residents.

Suggested Citation

  • 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, vol. 53(3), pages 292-317, November.
    • Handle: RePEc:bla:ozechr:v:53:y:2013:i:3:p:292-317
    DOI: 10.1111/aehr.12021
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    References listed on IDEAS

    as
    1. Susan Black & Joshua Kirkwood, 2010. "Ownership of Australian Equities and Corporate Bonds," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 25-33, September.
    2. Guy Debelle & Michael Plumb, 2006. "The Evolution of Exchange Rate Policy and Capital Controls in Australia," Asian Economic Papers, MIT Press, vol. 5(2), pages 7-29, Spring/Su.
    3. Carl Schwartz, 2010. "The Australian Government Guarantee Scheme," RBA Bulletin (Print copy discontinued), Reserve Bank of Australia, pages 19-26, March.
    4. Ricardo J Caballero & Kevin Cowan & Jonathan Kearns, 2004. "Fear of Sudden Stops: Lessons from Australia and Chile," RBA Research Discussion Papers rdp2004-03, Reserve Bank of Australia.
    5. M.W. Butlin, 1977. "A Preliminary Annual Database 1900/01 to 1973/74," RBA Research Discussion Papers rdp7701, Reserve Bank of Australia.
    6. Ric Battellino & Nola McMillan, 1989. "Changes in the Behaviour of Banks and Their Implications for Financial Aggregates," RBA Research Discussion Papers rdp8904, Reserve Bank of Australia.
    7. Merrett, David T. & Ville, Simon, 2009. "Financing Growth: New Issues by Australian Firms, 1920–1939," Business History Review, Cambridge University Press, vol. 83(3), pages 563-589, October.
    8. Warren Tease, 1990. "The Balance of Payments in the 1980s," RBA Research Discussion Papers rdp9003, Reserve Bank of Australia.
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    Cited by:

    1. Viet Do & Tram Vu, 2018. "The additional cost of hedging in foreign currency loans," Australian Journal of Management, Australian School of Business, vol. 43(2), pages 305-327, May.
    2. Alex Frino & Andrew Lepone & Grace Lepone, 2019. "Price Impact of Corporate Bond Trading: Evidence from the Australian Securities Exchange," Review of Pacific Basin Financial Markets and Policies (RPBFMP), World Scientific Publishing Co. Pte. Ltd., vol. 22(03), pages 1-22, September.
    3. Mark Westcott & John Murray, 2017. "Financialisation and inequality in Australia," The Economic and Labour Relations Review, , vol. 28(4), pages 519-537, December.
    4. Christine Brown & Viet Do & Oscar Trevarthen, 2017. "Liquidity shock management: Lessons from Australian banks," Australian Journal of Management, Australian School of Business, vol. 42(4), pages 637-652, November.
    5. Pedro Gomis-Porqueras & Romina Ruprecht & Xuan Zhou, 2023. "A Financial Stress Index for a Small Open Economy: The Australian Case," Finance and Economics Discussion Series 2023-029, Board of Governors of the Federal Reserve System (U.S.).
    6. Vu, Tram & Do, Viet & Skully, Michael, 2015. "Local versus foreign banks: A home market advantage in loan syndications," International Review of Financial Analysis, Elsevier, vol. 37(C), pages 29-39.
    7. Robert J. Bianchi & Michael E. Drew & Eduardo Roca & Timothy Whittaker, 2017. "Risk factors in Australian bond returns," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 57(2), pages 373-400, June.

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    More about this item

    JEL classification:

    • 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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