Financing Through Bond Issues and the Nexus with Economic Growth

Fink, Gerhard; Haiss, Peter; Kirchner, Herwig; Thorwartl, Ulrike

doi:10.2139/ssrn.1003352

Cited by 10 publications

(4 citation statements)

References 46 publications

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“…In many ways, the ASEAN‐5 bond markets compare well with other EM. But there is still work to be done (Fink et al ). In particular, there are potential benefits of: standardising and consolidating CSDs, while introducing CCPs for fixed‐income markets; tightening enforcement of securities regulation, including enhanced disclosures, especially regarding material events, and streamlined registration procedures for offering securities; improving oversight of CRAs and external auditors; developing the legal and regulatory framework for expanding the use of derivatives, and adapting the infrastructure systems accordingly; tightening reserve money management, to reduce interest rate volatility and spur the development of money markets; and reforming withholding taxation for income from non‐resident bond holdings.As the non‐bank financial sector develops in the ASEAN‐5 countries, the lessons learned from the recent crisis in developed financial markets will become increasingly important.…”

Section: Resultsmentioning

confidence: 99%

Developing ASEAN‐5 bond markets: what needs to be done?

Gray

Felman

Carvajal

et al. 2014

Asian-Pac Economic Lit

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This paper examines development challenges facing bond markets in the ASEAN-5 (Indonesia, Malaysia, Philippines, Singapore, and Thailand). It first assesses their level of development, finding that bond market frameworks-that is, the quality of the physical infrastructure, monitoring, and regulation-compare favourably with those in other emerging markets. The paper then considers possible further enhancements, including changes in disclosure practices as well as reforms of ratings agencies, central bank liquidity management, and taxation. It also considers steps to develop derivatives markets, which in some countries remain quite small. Finally, the article draws lessons from the global financial crisis in developed markets for the future development of ASEAN-5 markets.

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Section: Resultsmentioning

confidence: 99%

Developing ASEAN‐5 bond markets: what needs to be done?

Gray

Felman

Carvajal

et al. 2014

Asian-Pac Economic Lit

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“…Results from this study are consistent with the theory that the relationship between BI variables with a variable rate bond issuance volume is inversely proportional. Bonfim and Santos (2004), Vennet et al (2004) and Fink et al (2005), stated that macroeconomic variables have a significant negative effect on the volume of bond issuance. The higher the variable BI rate will be an indication for issuers that the cost of financing through bonds at the time the financial instrument macroeconomic conditions or the exact interest rate increases will cause costs to rise, and issuers will have an alternative source of long-term financing.…”

Section: Bopo To Bond Volume Issuancementioning

confidence: 99%

Determinant Factor of Indonesia Banking Industry to Issued Bond in 2006-2014

Baskoro¹,

Nuryartono²,

Maulana³

2015

IJEF

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Due to global economic crisis which occured in 2008, has caused the volatility of the market and increasing the market risk. Moreover, the banking industry issued Basel III Act as a respond in order to strengthen the stability of the financial sector and prevent the negative effect on the economy from the crisis that may occur in the future. Based on Basel III Act, the banking industry is expected to meet the requirement through internal and external business activity. Furthermore, the aim of this study is to analyze which factor that determined the volume of bond issued based on internal and external factors of the company. The result shows that CAR, NIM, and BI Rate have significant effect on the volume of bond issued.

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“…The interest rate structures which emerge are determined by the development of bond markets, and are in turn a prerequisite for the development of bond markets (Fink et al, 2005), 6. The presence of the bond market provides the economy with a market-determined term structure of interest rates that accurately reflects the opportunity cost of funds at each maturity (Herring & Chatusripitak, 2000), 7.…”

Section: The Impact and Importance Of Developing Corporate Bonds Marketmentioning

confidence: 99%