Publication:
The Rise of Domestic Capital Markets for Corporate Financing

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dc.contributor.authorAbraham, Facundo
dc.contributor.authorCortina, Juan J.
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2019-10-07T14:43:52Z
dc.date.available2019-10-07T14:43:52Z
dc.date.issued2019-06
dc.description.abstractDuring 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/312461569223225798/The-Rise-of-Domestic-Capital-Markets-for-Corporate-Financing
dc.identifier.doi10.1596/32497
dc.identifier.urihttps://hdl.handle.net/10986/32497
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectASIAN FINANCIAL CRISIS
dc.subjectCORPORATE BOND MARKETS
dc.subjectCORPORATE FINANCE
dc.subjectGLOBAL FINANCIAL CRISIS
dc.subjectSME FINANCE
dc.subjectCAPITAL MARKETS
dc.subjectSTOCK MARKETS
dc.subjectSYDICATED LOAN MARKETS
dc.titleThe Rise of Domestic Capital Markets for Corporate Financingen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleThe Rise of Domestic Capital Markets for Corporate Financing
okr.date.disclosure2019-09-22
okr.doctypePublications & Research
okr.doctypePublications & Research::Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/312461569223225798/The-Rise-of-Domestic-Capital-Markets-for-Corporate-Financing
okr.guid312461569223225798
okr.identifier.doi10.1596/32497
okr.identifier.externaldocumentum090224b08711b332_1_0
okr.identifier.internaldocumentum31424313
okr.identifier.report141988
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/312461569223225798/pdf/The-Rise-of-Domestic-Capital-Markets-for-Corporate-Financing.pdfen
okr.topicFinance and Financial Sector Development::Capital Markets and Capital Flows
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicFinance and Financial Sector Development::International Financial Markets
okr.topicFinance and Financial Sector Development::Securities Markets Policy & Regulation
okr.unitDECRG: Macroeconomics & Growth (DECMG)
relation.isAuthorOfPublicationad1ad457-a974-53de-815c-c7010e0fdd74
relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
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