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What drove the growth of the corporate bond markets in Asia?

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  • Kowalewski, Oskar
  • Pisany, Paweł

Abstract

Using data on outstanding market value and value of bonds issued by financial and non-financial companies, we investigate the development of the corporate bond markets in ten Asian countries from 1995 to 2014. We confirm that a number of macroeconomic and institutional factors are significantly related to the depth of the corporate bond markets. Furthermore, we determine a strong positive association between creditor rights, level of domestic credit, and the outstanding and issue values of corporate bonds. Finally, our results indicate that the development of the corporate bond markets may have helped mitigate the outcome of the global financial crisis of 2008 in Asia.

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  • Kowalewski, Oskar & Pisany, Paweł, 2019. "What drove the growth of the corporate bond markets in Asia?," Research in International Business and Finance, Elsevier, vol. 48(C), pages 365-380.
    • Handle: RePEc:eee:riibaf:v:48:y:2019:i:c:p:365-380
    DOI: 10.1016/j.ribaf.2019.01.014
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