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Financial structure and the development of domestic bond markets in emerging economies
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Hardie, Iain and Rethel, Lena (2019) Financial structure and the development of domestic bond markets in emerging economies. Business and Politics, 21 (1). pp. 86-112. doi:10.1017/bap.2018.11 ISSN 1469-3569.
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Official URL: https://doi.org/10.1017/bap.2018.11
Abstract
In the period from the 1990s emerging market financial crises until the North Atlantic financial crisis of 2008, the development of domestic bond markets in developing economies was a prominent agenda item in international financial reform circles. The crises of the 1990s drew attention to the vulnerabilities generated by frequently occurring double mismatches of currency denominations and maturities in the borrowing of emerging economies. This led to a series of reform efforts targeted at both increasing liquidity and the range of borrowers in domestic bond markets. In the aggregate, these efforts were successful: For emerging market economies as a whole, domestic debt now exceeds international debt. Moreover, domestic corporate bond markets have emerged in many countries, often for the first time. However, the nature of market development has been far from uniform, and often has not been in line with government aims. In this paper, we examine the interplay of government and business actors in market development. Drawing on 155 interviews with policy and market actors as well as secondary data, we show that the main explanation of variation in market development lies in the pre-existing structure of financial markets, conceptualized as a heterogeneous set of interest/influence constellations.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HG Finance | ||||||||
Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||||||
Library of Congress Subject Headings (LCSH): | Bond market, Developing countries, Financial crises | ||||||||
Journal or Publication Title: | Business and Politics | ||||||||
Publisher: | Berkeley Electronic Press | ||||||||
ISSN: | 1469-3569 | ||||||||
Official Date: | March 2019 | ||||||||
Dates: |
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Volume: | 21 | ||||||||
Number: | 1 | ||||||||
Page Range: | pp. 86-112 | ||||||||
DOI: | 10.1017/bap.2018.11 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Reuse Statement (publisher, data, author rights): | This article has been published in a revised form in Business and Politics https://doi.org/10.1017/bap.2018.11 This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works. © copyright holder. | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Copyright Holders: | © V.K. Aggarwal 2018 | ||||||||
Date of first compliant deposit: | 14 May 2018 | ||||||||
Date of first compliant Open Access: | 8 November 2018 | ||||||||
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