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What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies

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  • Christian Saborowski
  • Ms. Diana B Ayala Pena
  • Milan Nedeljkovic

Abstract

This paper studies the determinants of shifts in debt composition among EM non-financial corporates. We show that institutions and macro fundamentals create an enabling environment for bond market development. During the recent boom episode, however, global cyclical factors accounted for most of the variation of bond shares in total corporate debt. The sensitivity to global factors appears to vary with relative bond market size—which we interpret to be associated with liquidity and easy entry and exit—rather than local fundamentals. Foreign bank linkages help explain why bond markets increasingly substituted for banks in channeling liquidity to EMs. Our results highlight the risk of capital flow reversal in EMs that benefited from the upturn in the global financial cycle mostly due to their liquid markets rather than strong fundamentals.

Suggested Citation

  • Christian Saborowski & Ms. Diana B Ayala Pena & Milan Nedeljkovic, 2015. "What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies," IMF Working Papers 2015/148, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:2015/148
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    7. Snehal S Herwadkar, 2017. "Corporate leverage in EMEs: did the global financial crisis change the determinants?," BIS Working Papers 681, Bank for International Settlements.
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    More about this item

    Keywords

    WP; bond market development; bond market market concentration; global bond market boom; debt stock; development benefit; disadvantages bond market investor; Bond markets; Capital flows; Emerging Markets; NFC debt; bond market boom; bond market access; Securities markets; Bonds; Bank credit; Stocks; Loans; Global; Asia and Pacific;
    All these keywords.

    JEL classification:

    • F30 - International Economics - - International Finance - - - General
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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