Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan

• Tác giả: Masakazu Watanabe
• Ngôn ngữ: eng
• Ký hiệu phân loại: 658.1 Organization and finance
• Thông tin xuất bản: World Bank, Washington, DC, 2012
• Bộ sưu tập: Tài liệu truy cập mở
• ID: 325178
• Chủ đề: 1. BONDS; 2. CAPITAL FORMATION BANK DEPOSITS; 3. CAPITAL MARKETS; 4. INVESTMENT; 5. INVESTMENT PROMOTION

Tóm tắt

From the early 1950s until quite recently, the Japanese government took an active role in promoting a bank debenture market. This Note explains how the Japanese bank debenture market developed and what role these debentures played in establishing a bond market. The debenture market started life at a time when massive amounts of long-term capital were needed for reconstruction. Capital markets had not yet developed, and market-base long-term funding was seen as too risky by both investors and financial institutions.