The Rise of Domestic Capital Markets for Corporate Financing

Abraham, Facundo ; Cortina, Juan J. ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: ASIAN FINANCIAL CRISIS;    CORPORATE BONDS;    CORPORATE FINANCE;    SMALL AND MEDIUM ENTERPRISES;    STOCK MARKETS;   

DOI  :  10.1596/1813-9450-8844
RP-ID  :  WPS8844

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

During the past decades, firms fromemerging economies have significantly increased the amountof financing obtained in capital markets. Whereas theliterature argues that international markets have been animportant contributor to this process, the role of domesticmarkets is mostly unknown. By examining the case of EastAsia, this paper shows that domestic markets have been a keydriver of the observed trends in capital market financingsince the early 2000s. As domestic markets developed, moreand smaller firms gained access to equity and corporate bondfinancing. Domestic markets also helped some corporations todiversify funding sources and obtain domestic currencyfinancing. Policy reforms following the Asian FinancialCrisis accompanied the growth of domestic markets. Part ofthe reforms were aimed at developing domestic capitalmarkets for small and medium-size enterprises. Althoughthese markets have developed significantly, they still serverelatively few corporations, albeit from new sectors.