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AuthorSmaoui, Houcem
AuthorGrandes, Martin
AuthorAkindele, Akintoye
Available date2020-12-02T07:03:51Z
Publication Date2017
Publication NameEmerging Markets Review
ResourceScopus
ISSN15660141
URIhttp://dx.doi.org/10.1016/j.ememar.2017.06.003
URIhttp://hdl.handle.net/10576/17141
AbstractThe objective of this paper is to empirically investigate the structural, financial, developmental, institutional, and macroeconomic determinants of bond market development for a sample of 22 emerging and developing countries over the period 1990-2013. We employ both the Prais-Winston and system GMM procedures to tackle the problems of endogeneity among the explanatory variables and our measure of bond market development, group-wise heteroscedasticity, and contemporaneous cross-sectional and serial correlations in the residuals. Our results suggest that a combination of structural, financial and institutional factors seem to exert a significant effect on bond markets. Indeed, economic size, trade openness, investment profile, GDP per Capita, bureaucratic quality, and size and concentration of banking system are positively related to bond market development, while interest rate volatility and fiscal balance are negatively associated with the development of bond markets. Those results are robust to the inclusion of developed countries' bond markets, international bonds issuers, and to possible structural breaks. 2017 Elsevier B.V.
Languageen
PublisherElsevier B.V.
SubjectBond Markets
Corporate Securities
Dynamic panel
GMM estimation
Government Securities
TitleThe Determinants of Bond Market Development: Further Evidence from Emerging and Developed Countries
TypeArticle
Pagination148-167
Volume Number32
dc.accessType Abstract Only


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