Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan

From the early 1950s until quite recently, the Japanese government took an active role in promoting a bank debenture market. This Note explains how the Japanese bank debenture market developed and what role these debentures played in establishing a...

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Main Author:	Watanabe, Masakazu
Format:	Viewpoint
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	BONDS CAPITAL MARKETS INVESTMENT INVESTMENT PROMOTION CAPITAL FORMATION BANK DEPOSITS BANK OF JAPAN BANKING SERVICES BANKING SYSTEM BANKS BOND MARKETS BORROWING BROKERS BUDGET DEFICITS COMMERCIAL BANKS COUPON RATE CREDIT RATINGS CREDITWORTHINESS DEBENTURES DEPOSITS EMERGING MARKETS FINANCIAL INSTITUTIONS FINANCIAL MARKETS GOVERNMENT BONDS GOVERNMENT INTERVENTIONS INTEREST RATES LIQUIDITY OPEN MARKET OPERATIONS PRIVATE SECTOR SAVINGS SAVINGS ACCOUNTS SECURITIES TAX TELECOMMUNICATIONS TERM FINANCE TIME DEPOSITS
Online Access:	http://documents.worldbank.org/curated/en/1994/12/441495/developing-long-term-finance-emerging-markets-using-bank-debentures-lessons-japan http://hdl.handle.net/10986/11678

id	okr-10986-11678
recordtype	oai_dc
spelling	okr-10986-116782021-04-23T14:02:56Z Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan Watanabe, Masakazu BONDS CAPITAL MARKETS INVESTMENT INVESTMENT PROMOTION CAPITAL FORMATION BANK DEPOSITS BANK OF JAPAN BANKING SERVICES BANKING SYSTEM BANKS BOND MARKETS BONDS BORROWING BROKERS BUDGET DEFICITS CAPITAL MARKETS COMMERCIAL BANKS COUPON RATE CREDIT RATINGS CREDITWORTHINESS DEBENTURES DEPOSITS EMERGING MARKETS FINANCIAL INSTITUTIONS FINANCIAL MARKETS GOVERNMENT BONDS GOVERNMENT INTERVENTIONS INTEREST RATES LIQUIDITY OPEN MARKET OPERATIONS PRIVATE SECTOR SAVINGS SAVINGS ACCOUNTS SECURITIES TAX TELECOMMUNICATIONS TERM FINANCE TIME DEPOSITS From the early 1950s until quite recently, the Japanese government took an active role in promoting a bank debenture market. This Note explains how the Japanese bank debenture market developed and what role these debentures played in establishing a bond market. The debenture market started life at a time when massive amounts of long-term capital were needed for reconstruction. Capital markets had not yet developed, and market-base long-term funding was seen as too risky by both investors and financial institutions. 2012-08-13T15:42:27Z 2012-08-13T15:42:27Z 1994-12 http://documents.worldbank.org/curated/en/1994/12/441495/developing-long-term-finance-emerging-markets-using-bank-debentures-lessons-japan http://hdl.handle.net/10986/11678 English at a glance CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Viewpoint Publications & Research East Asia and Pacific Japan
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English
topic	BONDS CAPITAL MARKETS INVESTMENT INVESTMENT PROMOTION CAPITAL FORMATION BANK DEPOSITS BANK OF JAPAN BANKING SERVICES BANKING SYSTEM BANKS BOND MARKETS BONDS BORROWING BROKERS BUDGET DEFICITS CAPITAL MARKETS COMMERCIAL BANKS COUPON RATE CREDIT RATINGS CREDITWORTHINESS DEBENTURES DEPOSITS EMERGING MARKETS FINANCIAL INSTITUTIONS FINANCIAL MARKETS GOVERNMENT BONDS GOVERNMENT INTERVENTIONS INTEREST RATES LIQUIDITY OPEN MARKET OPERATIONS PRIVATE SECTOR SAVINGS SAVINGS ACCOUNTS SECURITIES TAX TELECOMMUNICATIONS TERM FINANCE TIME DEPOSITS
spellingShingle	BONDS CAPITAL MARKETS INVESTMENT INVESTMENT PROMOTION CAPITAL FORMATION BANK DEPOSITS BANK OF JAPAN BANKING SERVICES BANKING SYSTEM BANKS BOND MARKETS BONDS BORROWING BROKERS BUDGET DEFICITS CAPITAL MARKETS COMMERCIAL BANKS COUPON RATE CREDIT RATINGS CREDITWORTHINESS DEBENTURES DEPOSITS EMERGING MARKETS FINANCIAL INSTITUTIONS FINANCIAL MARKETS GOVERNMENT BONDS GOVERNMENT INTERVENTIONS INTEREST RATES LIQUIDITY OPEN MARKET OPERATIONS PRIVATE SECTOR SAVINGS SAVINGS ACCOUNTS SECURITIES TAX TELECOMMUNICATIONS TERM FINANCE TIME DEPOSITS Watanabe, Masakazu Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan
geographic_facet	East Asia and Pacific Japan
relation	at a glance
description	From the early 1950s until quite recently, the Japanese government took an active role in promoting a bank debenture market. This Note explains how the Japanese bank debenture market developed and what role these debentures played in establishing a bond market. The debenture market started life at a time when massive amounts of long-term capital were needed for reconstruction. Capital markets had not yet developed, and market-base long-term funding was seen as too risky by both investors and financial institutions.
format	Publications & Research :: Viewpoint
author	Watanabe, Masakazu
author_facet	Watanabe, Masakazu
author_sort	Watanabe, Masakazu
title	Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan
title_short	Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan
title_full	Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan
title_fullStr	Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan
title_full_unstemmed	Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan
title_sort	developing long-term finance in emerging markets : using bank debentures - lessons from japan
publisher	World Bank, Washington, DC
publishDate	2012
url	http://documents.worldbank.org/curated/en/1994/12/441495/developing-long-term-finance-emerging-markets-using-bank-debentures-lessons-japan http://hdl.handle.net/10986/11678
_version_	1764417606078431232

Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan

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