Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets

Garry Schinasi () and T. Smith

No 1998/173, IMF Working Papers from International Monetary Fund

Abstract: This paper identifies factors that contributed to the development and effectiveness of debt securities markets in the major advanced economies. Government securities markets have benefited from their international orientation—debt management is most effective when it is independent of monetary and exchange rate policies; and financial infrastructures should be patterned on the standards of liquidity, transparency, issuing and trading efficiency, and tax treatment. The same degree of consensus does not exist for corporate debt securities markets. The paper identifies six regulatory and market-created factors that help explain why the U.S. corporate debt market has flourished, while corporate debt securities markets elsewhere have only recently begun to develop.

Keywords: WP; commercial paper; repo market; market liquidity; fixed income; Government securities market; corporate debt markets; financial regulation; debt securities market; deutsche mark; Securities markets; Securities; Government securities; Money markets; Corporate bonds; Europe; North America (search for similar items in EconPapers)
Pages: 43
Date: 1998-12-01
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Citations: View citations in EconPapers (35)

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