Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets
IMF Working Papers, December 1, 1998
Source details
- Canonical URL
- Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets
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Bibliographic details
- Authors: Garry J. Schinasi, T. Todd Smith
- Published: December 1, 1998
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451977349.001
Summary
- Authors: Garry J. Schinasi, T. Todd Smith
- Date: December 1, 1998
- Series: Working Paper No. 1998/173, Issue: 173, Volume: 1998, Pages: 43
- DOI: https://doi.org/10.5089/9781451977349.001
- ISBN: 9781451977349
- ISSN: 1018-5941
- Core summary: The paper identifies factors that contributed to the development and effectiveness of debt securities markets in the major advanced economies. Government securities markets 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 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.
Major themes and findings
- Government securities markets
- Benefit from international orientation.
- Effective debt management is most effective when it is independent of monetary and exchange rate policies.
- Financial infrastructures should follow standards of liquidity, transparency, issuing and trading efficiency, and tax treatment.
- Corporate debt securities markets
- Lack the same degree of consensus on policy and structure as government securities markets.
- The paper identifies six regulatory and market-created factors that explain the relative success of the U.S. corporate debt market versus slower development elsewhere (the paper states the existence of six factors; the specific six factors are identified in the paper).
Subjects and keywords (as listed)
- Subjects: Corporate bonds, Financial institutions, Financial markets, Government securities, Money markets, Securities, Securities markets
- Keywords: commercial paper, Corporate bonds, corporate debt markets, debt securities market, deutsche mark, Europe, financial regulation, fixed income, Government securities, Government securities market, market liquidity, Money markets, North America, repo market, Securities, Securities markets, WP
Publication and access notes
- Format: IMF Working Papers
- Availability: PDF and multiple formats on IMF eLibrary (as indicated on the page)
- Citation example provided on the page: Garry J. Schinasi, and T. Todd Smith "Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets", IMF Working Papers 1998, 173 (1998), accessed 9/17/2026, https://doi.org/10.5089/9781451977349.001
Source: IMF Working Paper landing page for "Fixed-Income Markets in the United States, Europe, and Japan-Some Lessons for Emerging Markets".