What drove the growth of the corporate ...
Document type :
Compte-rendu et recension critique d'ouvrage
Title :
What drove the growth of the corporate bond markets in Asia?
Author(s) :
Journal title :
Research in International Business and Finance
Pages :
365-380
Publisher :
Elsevier
Publication date :
2019-02-02
ISSN :
0275-5319
English keyword(s) :
corporate bond market
bond issuance
crisis
banking sector
Asia
bond issuance
crisis
banking sector
Asia
HAL domain(s) :
Sciences de l'Homme et Société/Economies et finances
English abstract : [en]
We investigate the development of corporate bond markets in 10 Asian countries from 1995 to 2014. Using panel data on the market size and total issue of bonds by financial and non-financial companies, we confirm that ...
Show more >We investigate the development of corporate bond markets in 10 Asian countries from 1995 to 2014. Using panel data on the market size and total issue of bonds by financial and non-financial companies, we confirm that macroeconomic and institutional factors are related to the depth of the market. In addition, we show that the issuance of bonds is also determined by other factors that strongly depend on the issuer type. We show that creditor rights and institutional quality are important in explaining the issuance of bonds by financial institutions. Furthermore, we determine a strong positive association between the level of domestic credit and the market and issue size of corporate bonds. In our opinion, the results indicate that there is a positive relationship between the development of the corporate bond market and the banking sector. These findings indicate that increased demand for bank loans induced the issuance of bonds by financial institutions which, in turn, may have led to the development of corporate bond markets in Asia.Show less >
Show more >We investigate the development of corporate bond markets in 10 Asian countries from 1995 to 2014. Using panel data on the market size and total issue of bonds by financial and non-financial companies, we confirm that macroeconomic and institutional factors are related to the depth of the market. In addition, we show that the issuance of bonds is also determined by other factors that strongly depend on the issuer type. We show that creditor rights and institutional quality are important in explaining the issuance of bonds by financial institutions. Furthermore, we determine a strong positive association between the level of domestic credit and the market and issue size of corporate bonds. In our opinion, the results indicate that there is a positive relationship between the development of the corporate bond market and the banking sector. These findings indicate that increased demand for bank loans induced the issuance of bonds by financial institutions which, in turn, may have led to the development of corporate bond markets in Asia.Show less >
Language :
Anglais
Popular science :
Non
Collections :
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