Markets for Corporate Debt Securities

Author/Editor:

T. Todd Smith

Publication Date:

July 1, 1995

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary:

This paper surveys markets for corporate debt securities in the major industrial countries and the international markets. The discussion includes a comparison of the sizes of the markets for various products, as well as the key operational, institutional, and legal features of primary and secondary markets. Although there are some signs that debt markets may be emphasized in the future by some countries, it remains true that North American debt markets are the most active and liquid in the world. The international debt markets are, however, growing in importance. The paper also investigates some of the reasons for the underdevelopment of domestic bond markets and the consequences of firms shifting their debt financing needs from banks to securities markets.

Series:

Working Paper No. 1995/067

Subject:

Bank credit Bonds Corporate bonds Financial institutions Financial markets Money Securities Securities markets

English

Publication Date:

July 1, 1995

ISBN/ISSN:

9781451848878/1018-5941

Stock No:

WPIEA0671995

Pages:

88

Please address any questions about this title to publications@imf.org