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Developing Bond Markets for Sustainable Growth of East Asia

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Authors
Kang, KyeongHoon
Issue Date
2007-01
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.20 No.1, pp. 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
https://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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