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 marketsChicken or egg problemInteraction of externalitiesDynamic externalityStatic 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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