Capital markets can improve risk sharing and the efficiency with which capital is allocated to
the real economy, boosting economic growth and welfare. However, despite these potential …

Without doubt a well-developed financial sector is related to efficient resource allocation and
growth, but there is modest consensus on the direction of that link, on the notion of what is …

Asia's underdeveloped bond markets and dependence on bank finance have been topics of
concern since the crisis of 1997-8. In this paper we document that the slow development of …

One of the major reasons behind the Asian financial crisis in 1997 was the excessive
dependence of the Asian economies on commercial banks for domestic financing. The …

A Brookings Institution Press and Economic Commission for Latin America and the
Caribbean (ECLAC) publication Access to finance is critical in setting the course for …

We analyze the impact of Hofstede's culture dimensions on green bond issuance in 84
countries during 1991–2021, using novel International Monetary Fund data. We control for …

The objective of this paper is to discuss the key issues relating to the development of local
corporate bond markets. We examine the requirements for local corporate bond market …

Emerging European countries have made large strides in developing their local capital
markets since the early-1990s. However, the rate of development has been widely disparate …

This paper studies the determinants of shifts in debt composition among emerging market
non-financial corporates. We show that the determinants of bond market access in EMs vary …

One of the reasons behind the financial crisis in 1997 was excessive dependence of Asian
economies on commercial banks for domestic financing. Banks were the major source of …