Wsparcie rozwoju rynku obligacji korporacyjnych w wybranych gospodarkach azjatyckich po 1997 roku

Abstrakt

The article contains an analysis of the initiatives aimed at supporting the development of the corporate bonds market in three Asian economies: South Korea, Malaysia, and Thailand. These countries, after difficult experiences from the 1997 crisis, undertook initiatives focused on the development of domestic debt financial markets, mainly corporate bonds denominated in local currency. Case studies of three Asian economies show that the sustainable development of domestic debt markets can be fostered, among others, by: a high level of creditor rights protection, increased market access for institutional investors, in particular domestic ones, regional economic integration, increased market transparency, functioning of the rating agencies — domestic and the presence of global ones, availability of ratings and raising financial awareness in society.