Disintermediation and the development of bond markets in emerging Europe

Peter G. Szilagyi, Jonathan A. Batten, Thomas A. Fetherston

Research output: Contribution to journalReview articleResearchpeer-review

Abstract

The recent financial crises in Asia and Russia have shown that emerging European economies, due to their strong dependence on foreign capital, are highly vulnerable to the excessive volatility of international capital flows. Those economies that pursued sound macroeconomic policies, including setting up functioning financial market systems, have held up well and avoided major spillover effects. We argue that the appropriate approach to meet future refinancing needs is through the development of viable domestic and international bond markets. A key benefit of this strategy will be a reduction in systemic risk and the probability of future crisis.

LanguageEnglish
Pages67-82
Number of pages16
JournalInternational Journal of the Economics of Business
Volume10
Issue number1
DOIs
Publication statusPublished - Feb 2003

Fingerprint

Bond market
Disintermediation
Financial crisis
Russia
Spillover effects
Financial markets
Systemic risk
Asia
Functioning
Macroeconomic policy
International capital flows
Refinancing
Foreign capital
Holdup

Keywords

  • Bond Markets
  • Disintermediation
  • Emerging Markets

Cite this

Szilagyi, Peter G. ; Batten, Jonathan A. ; Fetherston, Thomas A. / Disintermediation and the development of bond markets in emerging Europe. In: International Journal of the Economics of Business. 2003 ; Vol. 10, No. 1. pp. 67-82.
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Disintermediation and the development of bond markets in emerging Europe. / Szilagyi, Peter G.; Batten, Jonathan A.; Fetherston, Thomas A.

In: International Journal of the Economics of Business, Vol. 10, No. 1, 02.2003, p. 67-82.

Research output: Contribution to journalReview articleResearchpeer-review

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