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Drivers and brakes on the development of corporate bond markets of developed and developing countries
https://doi.org/10.32609/0042-8736-2019-3-77-100
Abstract
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.
Keywords
corporate bonds,
institutional environment,
developed countries,
developing countries,
human capital index
JEL: C12; E44; G12
Supporting agencies: The article was prepared within the framework of the Academic Fund Program at the National Research University Higher School of Economics (HSE) in 2017—2018 (grant № 18-05-0007) and by the Russian Academic Excellence Project “5-100”.
About the Authors
Tamara V. Teplova
National Research University Higher School of Economics
Russian Federation
Moscow
Russian Federation
Moscow
Tatyana V. Sokolova
National Research University Higher School of Economics
Russian Federation
Moscow
Russian Federation
Moscow
Kristina V. Galenskaya
National Research University Higher School of Economics
Russian Federation
Moscow
Russian Federation
Moscow
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Review
For citations:
Teplova T.V., Sokolova T.V., Galenskaya K.V. Drivers and brakes on the development of corporate bond markets of developed and developing countries. Voprosy Ekonomiki. 2019;(3):77-100. (In Russ.) https://doi.org/10.32609/0042-8736-2019-3-77-100
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