Developing Bond Markets for Sustainable Growth of East Asia
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Though corporate bond markets can play important roles for East Asia's sustainable growth, it is very difficult to build a well-functioning corporate bond market. One of the reasons for the difficulty is that the hurdles to be overcome are closely related each other, resulting in a chicken or egg problem. This paper shows that the chicken or egg problem may come from externalities in corporate bond markets and analyzes the interaction of the externalities: dynamic externality and static network externality. Some policy implications are drawn from the results.
Abstract
Though corporate bond markets can play important roles for East Asia's sustainable growth, it is very difficult to build a well-functioning corporate bond market. One of the reasons for the difficulty is that the hurdles to be overcome are closely related each other, resulting in a chicken or egg problem. This paper shows that the chicken or egg problem may come from externalities in corporate bond markets and analyzes the interaction of the externalities: dynamic externality and static network externality. Some policy implications are drawn from the results.
참고문헌 (9)
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