SHERP

Developing Bond Markets for Sustainable Growth of East Asia

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Authors
Kang, KyeongHoon
Issue Date
2007
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 20 (No. 1 2007): 3-22
Keywords
Corporate bond markets; Chicken or egg problem; Interaction of externalities; Dynamic externality; Static network externality
Abstract
Though corporate bond markets can play important roles for
East Asia's sustainable growth, it is very difficult to build a
well-functioning corporate bond market. One of the reasons for
the difficulty is that the hurdles to be overcome are closely
related each other, resulting in a chicken or egg problem. This
paper shows that the chicken or egg problem may come from
externalities in corporate bond markets and analyzes the
interaction of the externalities: dynamic externality and static
network externality. Some policy implications are drawn from
the results.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1373
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.20(1) (Spring 2007)
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