Developing Bond Markets for Sustainable Growth of East Asia/Comments and Discussion

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 e...

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Veröffentlicht in:Seoul journal of economics 2007-04, Vol.20 (1), p.3
Hauptverfasser: Kang, Kyeong-Hoon, Joh, Sung Wook
Format: Artikel
Sprache:eng
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Zusammenfassung: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. [PUBLICATION ABSTRACT]
ISSN:1225-0279