Collaborative Research: The Emergence of New Capital Markets

合作研究：新资本市场的出现

• 批准号: 2023689
• 负责人: Hannah Appel
• 金额: $ 16.96万
• 依托单位: University of California-Los Angeles
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2020
• 资助国家: 美国
• 起止时间: 2020-12-15 至 2023-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=2023689&HistoricalAwards=false
• 关键词: Collaborative; Research; Emergence; New; Capital

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.

资本市场为国内基础设施项目和国有企业融资。它们包括股票和债券市场，将财富从储蓄者和投资者引导到借款人，如大公司和政府。资本市场还可以使融资跨越国界，如投资者购买来自其原籍国以外的债券。但是，国内资本市场在不同的市场环境中发展不均衡。在任何一种情况下，各种因素都会影响这些市场的发展，例如产生大量资本，货币兑换相对容易，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的理解，这些因素在特定背景下促进或阻碍资本市场的发展。这一点意义重大，因为援助和多边供资的减少导致新形式的债务融资的增加。通过分析债务工具的发展及其跨境流动，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）当地货币的大量资本池的产生和货币可兑换性的便利; 2）信用评分，风险定价和资产类别创建的标准化数据集的生产;和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鲜明对比。相反，这项研究提供了一个实证说明金融化如何发生在新市场，以文件的方式，它是实现和限制。本研究的实地考察代表了软货币背景，在这种背景下，有关跨境金融市场发展的假设可以很容易地得到检验。这一假设将通过对构成要素的多地点民族志进行测试：收集储户本币存款的银行和金融科技平台;将存款调动到金融市场的机构投资者;以及交易金融工具的交易所。研究结果将通过考察这些新兴资本市场产生投资级金融产品的程度来详细说明这些新兴资本市场，从而激励投资。该奖项反映了NSF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。