voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2019-3-77-100voprecotest-2152Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSДрайверы и тормозы развития рынков корпоративных облигаций развитых и развивающихся странDrivers and brakes on the development of corporate bond markets of developed and developing countrieshttps://orcid.org/0000-0002-1312-9976ТепловаТ. В.TeplovaTamara V.

Теплова Тамара Викторовна, д. э. н., проф. базовой кафедры инфраструктуры финансовых рынков, заведующая проектно-учебной лабораторией анализа финансовых рынков (ЛАФР) факультета экономических наук НИУ ВШЭ

Москва

Moscow

tteplova@hse.ruСоколоваТ. В.SokolovaTatyana V.

Соколова Татьяна Владимировна, к. ф.-м. н., старший преподаватель базовой кафедры инфраструктуры финансовых рынков, аналитик ЛАФР факультета экономических наук НИУ ВШЭ

Москва

Moscow

tv.sokolova@hse.ruhttps://orcid.org/0000-0001-7507-7473ГаленскаяК. В.GalenskayaKristina V.

Галенская Кристина Владимировна, аспирант, аналитик ЛАФР факультета экономических наук НИУ ВШЭ

Москва

Moscow

Национальный исследовательский университет «Высшая школа экономики»РоссияNational Research University Higher School of EconomicsRussian Federation2019070320190377100Copyright © Voprosy Ekonomiki, NP, 20192019Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2152

В статье проведен анализ трендов рынка корпоративных облигаций РФ, обозначены его слабые звенья. Впервые эмпирически выявлены детерминанты развития рынков корпоративных облигаций с учетом различной чувствительности к влиянию институциональных факторов по разным группам стран. Выборка включает 28 развитых и развивающихся стран. Получены оригинальные выводы о влиянии институциональных факторов на рынки корпоративных облигаций: в частности, выявлено положительное влияние качества институциональной среды по группе быстрорастущих стран Next11, показана значимость человеческого капитала.

This paper analyzes the trends in the corporate bond market of the Russian Federation and considers its weaknesses. The authors first empirically investigate determinants of the development of corporate bond markets with account of different sensitivity to the influence of institutional factors for different groups of countries. Research methods include multifactor regressions and generalized method of moments. The sample includes 28 developed and developing countries. The authors obtain new results on the influence of institutional factors on corporate bond markets: in particular, a positive influence of quality of institutional environment on the fast-growing Next11 countries is revealed, as well as the significance of human capital for a number of developing countries.

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The authors declare that there are no conflicts of interest present.