Collaborative Research: The Emergence of New Capital Markets

资本市场为国内基础设施项目和国有企业提供融资。它们包括股票和债券市场，这些市场将财富从储户和投资者那里输送给借款人，比如大公司和政府。资本市场还使融资跨越国界，比如投资者购买其原籍国以外发行的债券。但国内资本市场在不同市场背景下的发展并不均衡。在任何一种情况下，各种因素都会影响这些市场的发展，例如大量资金池的产生、货币兑换的相对宽松性以及信用和风险评级的标准化方法。该奖项支持的研究将促进我们对这些因素在特定背景下促进或阻碍资本市场发展的理解。这是重要的，因为援助和多边供资的减少已导致新的债务筹资形式的增加。通过分析债务工具的发展及其跨境动员，该研究将为有关金融监管目标的政策辩论提供见解。本研究假设新资本市场的成功发展取决于：1)本地货币的大量资本池的产生和货币可兑换的便利性；2)生产用于信用评分、风险定价和资产类别创建的标准化数据集；3)监管政策的作用。这一假设与假设金融资本无摩擦流动的全球金融方法形成对比。相反，该研究提供了金融化在新市场中如何发生的经验说明，以便记录金融化实现和限制的方式。本研究的实地地点代表了一个软货币背景，在这个背景下，关于跨境金融市场发展的假设可以很容易地得到检验。这一假设将通过对组成部分的多地点人种志进行检验：收集储户本币存款的银行和金融科技平台；动员存款进入金融市场的机构投资者；以及金融工具交易的交易所。研究结果将通过考察这些新兴资本市场产生的投资级金融产品在多大程度上激励投资，为这些新兴资本市场提供详细的描述。该奖项反映了美国国家科学基金会的法定使命，并通过使用基金会的知识价值和更广泛的影响审查标准进行评估，被认为值得支持。

Capital markets finance domestic infrastructure projects and national enterprises. They include stock and bond markets that channel wealth from savers and investors to borrowers, such as large corporations and governments. Capital markets also move financing across national borders, as when investors buy bonds originated outside their countries of origin. But domestic capital markets are not evenly developed across different market contexts. Various factors impact the development of these markets in any one context, such as the generation of large pools of capital, the relative ease of currency convertibility, and standardized methods for rating credit and risk. The research supported by this award will advance our understanding of these factors as either facilitating or impeding the development of capital markets in specific contexts. This is significant, since reductions in aid and multilateral funding have led to a rise in new forms of debt-financing. By analyzing the development of debt instruments and their mobilization across borders, the research will provide insights for policy debates regarding the aims of financial regulation. This study hypothesizes that the successful development of new capital markets depends on: 1) the generation of large pools of capital in local currencies and ease of currency convertibility; 2) the production of standardized data sets for credit-scoring, risk-pricing, and asset-class creation; and 3) the role of regulatory policy. This hypothesis contrasts with approaches to global finance that assume the frictionless movement of finance capital. Instead, the research provides an empirical account of how financialization happens in new markets so as to document the ways it is both achieved and constrained. The field sites for this study represent a soft-currency context in which hypotheses about the development of cross-border financial markets can be readily tested. The hypothesis will be tested through a multi-sited ethnography of constituent building blocks: banks and fintech platforms that collect the local currency deposits of savers; institutional investors that mobilize deposits into financial markets; and the exchanges on which financial instruments are traded. The research results will provide a detailed account of these emergent capital markets by examining the extent to which they generate investment-grade financial products that motivate investment.This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.