Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets

Author/Editor:

Garry J. Schinasi ; T. Todd Smith

Publication Date:

December 1, 1998

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper identifies factors that contributed to the development and effectiveness of debt securities markets in the major advanced economies. Government securities markets have benefited from their international orientation—debt management is most effective when it is independent of monetary and exchange rate policies; and financial infrastructures should be patterned on the standards of liquidity, transparency, issuing and trading efficiency, and tax treatment. The same degree of consensus does not exist for corporate debt securities markets. The paper identifies six regulatory and market-created factors that help explain why the U.S. corporate debt market has flourished, while corporate debt securities markets elsewhere have only recently begun to develop.

Series:

Working Paper No. 98/173

Subject:

English

Publication Date:

December 1, 1998

ISBN/ISSN:

9781451977349/1018-5941

Stock No:

WPIEA1731998

Price:

$15.00 (Academic Rate:$15.00)

Format:

Paper

Pages:

43

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