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Disintermediation and the Development of Bond Markets in Emerging Europe

Author

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  • Peter Szilagyi
  • Jonathan Batten
  • Thomas Fetherston

Abstract

The recent financial crises in Asia and Russia have shown that emerging European economies, due to their strong dependence on foreign capital, are highly vulnerable to the excessive volatility of international capital flows. Those economies that pursued sound macroeconomic policies, including setting up functioning financial market systems, have held up well and avoided major spillover effects. We argue that the appropriate approach to meet future refinancing needs is through the development of viable domestic and international bond markets. A key benefit of this strategy will be a reduction in systemic risk and the probability of future crisis.

Suggested Citation

  • Peter Szilagyi & Jonathan Batten & Thomas Fetherston, 2003. "Disintermediation and the Development of Bond Markets in Emerging Europe," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 10(1), pages 67-82.
    • Handle: RePEc:taf:ijecbs:v:10:y:2003:i:1:p:67-82
    DOI: 10.1080/1357151032000043339
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    Citations

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    Cited by:

    1. Endo, Tadashi, 2020. "The primary dealer system in lower-income economies," Emerging Markets Review, Elsevier, vol. 45(C).
    2. 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.
    3. Endo, Tadashi, 2022. "Endogenous market development for government securities in lower-income economies," Emerging Markets Review, Elsevier, vol. 50(C).
    4. Selim Yildirim & Bilge Kagan zdemir & Burhan Dogan, 2013. "Financial Development and Economic Growth Nexus in Emerging European Economies: New Evidence from Asymmetric Causality," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 710-722.
    5. Agnieszka Aliñska & Izabela Czepirska, 2016. "The Development Of Payment Services As An Example Of Disintermediation In The Financial System," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 12(2), pages 60-73, October.

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