Fixed-Income Markets in the United States, Europe, and Japan: Some Lessons for Emerging Markets
Fixed-Income Markets in the United States, Europe, and Japan: Some Lessons for Emerging Markets
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美国、欧洲和日本的固定收益市场：新兴市场的一些教训
DOI：
10.5089/9781451977349.001.a001
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发表时间：
1998
期刊：
影响因子：
--
通讯作者：
R. T. Smith
中科院分区：
文献类型：
--
作者：
Garry J. Schinasi;R. T. Smith
本文确定了主要发达经济体债务证券市场发展和有效性的因素。政府证券市场受益于其国际化取向债务管理在独立于货币和汇率政策的情况下最为有效;金融基础设施应按照流动性、透明度、发行和交易效率以及税收待遇的标准来设计。对于公司债务证券市场，则不存在同样程度的共识。本文确定了六个监管和市场创造的因素，有助于解释为什么美国公司债务市场蓬勃发展，而其他地方的公司债务证券市场最近才开始发展。
This paper identifies factors that contributed to the development and effectiveness of debt securities markets in the major advanced economies. Government securities markets have benefited from their international orientationdebt management is most effective when it is independent of monetary and exchange rate policies; and financial infrastructures should be patterned on the standards of liquidity, transparency, issuing and trading efficiency, and tax treatment. The same degree of consensus does not exist for corporate debt securities markets. The paper identifies six regulatory and market-created factors that help explain why the U.S. corporate debt market has flourished, while corporate debt securities markets elsewhere have only recently begun to develop.