Corpus ID: 53329262

Liquidity and the Development of Robust Corporate Bond Markets

  title={Liquidity and the Development of Robust Corporate Bond Markets},
  author={M. Subrahmanyam and C. Merrill},
Financial markets play a critical role in economic development through the efficient allocation of domestic and international savings into productive investments across space and time. Markets also play the role of risk sharing and risk mitigation. However, in many emerging economies, capital markets and in particular, capital bond markets, remain underdeveloped. And yet, the ADV estimates that close to 8 trillion dollars of long-term project finance bonds are needed in the next 5 to 7 years to… Expand