The Underlying Constraints on Corporate Bond Market Development in Southeast Asia
The Underlying Constraints on Corporate Bond Market Development in Southeast Asia
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东南亚公司债券市场发展的内在制约
DOI：
10.2139/ssrn.245968
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发表时间：
2000
期刊：
影响因子：
--
通讯作者：
Krishnan Sharma
中科院分区：
文献类型：
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作者：
Krishnan Sharma
对泰国、马来西亚和印度尼西亚公司债券市场发展的潜在体制限制因素的分析很少。到目前为止，研究集中在市场基础设施的弱点上。本文阐述了企业、银行和政府之间的连锁关系，这些关系阻碍了企业发行债券，也导致了市场需求方的不发达。这项研究的意义是，除了经常建议的加强市场基础设施的措施外，这些国家的公司债券市场的发展也取决于深刻的制度变革。
There has been little analysis on the underlying institutional constraints to corporate bond market development in Thailand, Malaysia and Indonesia. Research so far has concentrated on weaknesses in market infrastructure. This paper illustrates the interlocking relationships between corporations, banks and governments to have dissuaded bond issuance by companies and also contributed to the underdevelopment of the demand side of the market. The implication of this research is that, in addition to the oft-recommended measures to strengthen the market infrastructure, corporate bond market development in these countries is also contingent upon deep-set institutional change.