20150419-世界经济论坛-Accelerating_Emerging_Capital_Markets_Development_Corporate_Bond_Markets_60页_1mb

Analysis Summary

The report "Accelerating Emerging Capital Markets Development: Corporate Bond Markets" by the World Economic Forum and Oliver Wyman examines the development and challenges of corporate bond markets in emerging economies.

Corporate Bond Market Overview

Emerging corporate bond markets have grown significantly since 2005, with many countries achieving compound annual growth rates over 20%. However, these markets remain underdeveloped relative to their economic size, with challenges like limited local currency issuance and regulatory constraints hindering further progress.

Key Challenges

1. Market Access Barriers: Lengthy issuance processes, high costs, and regulatory hurdles limit participation for both issuers and investors.
2. Perceived Risk: Unstable macroeconomic conditions, weak governance frameworks, and inconsistent regulations discourage foreign investment.
3. Market Mismatches: High financing costs from banks compared to capital markets, coupled with insufficient secondary market liquidity, restrict private sector access to capital.

Accelerating Market Development

The report recommends addressing these issues through:

1. Policy Actions: Streamlining issuance processes, harmonizing regional frameworks (e.g., ASEAN’s ABMI), and fostering domestic institutional investors.
2. Infrastructure Improvements: Enhancing market transparency, improving accounting standards, and leveraging technology to boost liquidity.
3. Global Integration: Positioning countries in global indices and promoting favorable tax regimes to attract international capital.

Macroeconomic and Institutional Prerequisites

A strong rule of law, stable monetary policies, and sound banking systems are foundational for market growth. Countries like Malaysia and Singapore have demonstrated that strategic reforms, including infrastructure liberalization and improved dispute resolution mechanisms, can significantly enhance market efficiency.

Conclusion

Emerging corporate bond markets are crucial for sustaining economic growth by complementing bank lending. Government sponsorship is essential for coordinated efforts, balancing risk management with market development. Collaboration with private sector stakeholders remains key for long-term success.