The Rise of Domestic Capital Markets for Corporate Financing
During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, th...
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| Format: | Working Paper |
| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/861771557243057811/The-Rise-of-Domestic-Capital-Markets-for-Corporate-Financing http://hdl.handle.net/10986/31669 |
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okr-10986-316692022-09-19T12:17:27Z The Rise of Domestic Capital Markets for Corporate Financing Abraham, Facundo Cortina, Juan J. Schmukler, Sergio L. ASIAN FINANCIAL CRISIS CORPORATE BONDS CORPORATE FINANCE SMALL AND MEDIUM ENTERPRISES STOCK MARKETS SYNDICATED LOANS CAPITAL MARKETS During the past decades, firms from emerging economies have significantly increased the amount of financing obtained in capital markets. Whereas the literature argues that international markets have been an important contributor to this process, the role of domestic markets is mostly unknown. By examining the case of East Asia, this paper shows that domestic markets have been a key driver of the observed trends in capital market financing since the early 2000s. As domestic markets developed, more and smaller firms gained access to equity and corporate bond financing. Domestic markets also helped some corporations to diversify funding sources and obtain domestic currency financing. Policy reforms following the Asian Financial Crisis accompanied the growth of domestic markets. Part of the reforms were aimed at developing domestic capital markets for small and medium-size enterprises. Although these markets have developed significantly, they still serve relatively few corporations, albeit from new sectors. 2019-05-10T14:23:30Z 2019-05-10T14:23:30Z 2019-05 Working Paper http://documents.worldbank.org/curated/en/861771557243057811/The-Rise-of-Domestic-Capital-Markets-for-Corporate-Financing http://hdl.handle.net/10986/31669 English Policy Research Working Paper;No. 8844 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Publications & Research Publications & Research :: Policy Research Working Paper East Asia and Pacific |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ASIAN FINANCIAL CRISIS CORPORATE BONDS CORPORATE FINANCE SMALL AND MEDIUM ENTERPRISES STOCK MARKETS SYNDICATED LOANS CAPITAL MARKETS |
| spellingShingle |
ASIAN FINANCIAL CRISIS CORPORATE BONDS CORPORATE FINANCE SMALL AND MEDIUM ENTERPRISES STOCK MARKETS SYNDICATED LOANS CAPITAL MARKETS Abraham, Facundo Cortina, Juan J. Schmukler, Sergio L. The Rise of Domestic Capital Markets for Corporate Financing |
| geographic_facet |
East Asia and Pacific |
| relation |
Policy Research Working Paper;No. 8844 |
| description |
During the past decades, firms from
emerging economies have significantly increased the amount
of financing obtained in capital markets. Whereas the
literature argues that international markets have been an
important contributor to this process, the role of domestic
markets is mostly unknown. By examining the case of East
Asia, this paper shows that domestic markets have been a key
driver of the observed trends in capital market financing
since the early 2000s. As domestic markets developed, more
and smaller firms gained access to equity and corporate bond
financing. Domestic markets also helped some corporations to
diversify funding sources and obtain domestic currency
financing. Policy reforms following the Asian Financial
Crisis accompanied the growth of domestic markets. Part of
the reforms were aimed at developing domestic capital
markets for small and medium-size enterprises. Although
these markets have developed significantly, they still serve
relatively few corporations, albeit from new sectors. |
| format |
Working Paper |
| author |
Abraham, Facundo Cortina, Juan J. Schmukler, Sergio L. |
| author_facet |
Abraham, Facundo Cortina, Juan J. Schmukler, Sergio L. |
| author_sort |
Abraham, Facundo |
| title |
The Rise of Domestic Capital Markets for Corporate Financing |
| title_short |
The Rise of Domestic Capital Markets for Corporate Financing |
| title_full |
The Rise of Domestic Capital Markets for Corporate Financing |
| title_fullStr |
The Rise of Domestic Capital Markets for Corporate Financing |
| title_full_unstemmed |
The Rise of Domestic Capital Markets for Corporate Financing |
| title_sort |
rise of domestic capital markets for corporate financing |
| publisher |
World Bank, Washington, DC |
| publishDate |
2019 |
| url |
http://documents.worldbank.org/curated/en/861771557243057811/The-Rise-of-Domestic-Capital-Markets-for-Corporate-Financing http://hdl.handle.net/10986/31669 |
| _version_ |
1764474866156699648 |