The Development of Corporate Bond Markets: A Cross-Country Analysis

Dung P. Le, Quang T. T. Nguyen, Toan M. Nguyen
2015 International Journal of Economics and Finance  
<p>This study examines how macro-determinants influence corporate bonds by firms in 90 developed and developing countries over the period of 1970-2013. Employing Generalized Method of Moments (GMM) model, the study explores whether exchange rate variability and the openess of the economy have a significant impact on corporate bonds of firms. Specifically, it examines whether increased variability of exchange rates, increases the issuing of corporate bonds by the firms in these countries, or
more » ... her corporate bonds are used less by firms in countries where there is greater openness.<strong></strong></p>
doi:10.5539/ijef.v8n1p50 fatcat:dhsz6ljohvaqrkalixeks6vhou