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Bond markets and banks in emerging economies

As the financial system in most emerging economies is centred on banks, an important aspect of the development of bond markets is the impact on the banking system. One frequently heard worry is that bond markets could take business away from the banks. This raises some potential concerns for bank supervisors. On the other hand, if it means firms are less vulnerable to weaknesses in the banking system, corporate bond issuance can help central banks achieve steady economic growth. Banks also play an important role in developing a private sector bond market as they are often among the most important issuers, holders, dealers, advisers, underwriters, guarantors,. | Bond markets and banks in emerging economies John Hawkins1 1. Introduction As the financial system in most emerging economies is centred on banks an important aspect of the development of bond markets is the impact on the banking system. One frequently heard worry is that bond markets could take business away from the banks. This raises some potential concerns for bank supervisors. On the other hand if it means firms are less vulnerable to weaknesses in the banking system corporate bond issuance can help central banks achieve steady economic growth. Banks also play an important role in developing a private sector bond market as they are often among the most important issuers holders dealers advisers underwriters guarantors trustees custodians and registrars in this market. Indeed banks are deriving more of their profits from such activities and less from lending. For this reason it is important to have healthy banks to have a sound bond market. And a bond market may improve the health of banks by improving market discipline. 2. Competition between banks and bond markets 2.1 The historical development of banking and bond markets At early stages of development corporate bond markets are not generally an alternative to the banking system. The general pattern observed in advanced economies has been for banking to emerge at a much earlier stage of development than bond markets. In the United States where the corporate bond market is most developed bond market financing overtook borrowing from domestic banks long ago. In western Europe it has been much slower to develop. Among emerging economies the corporate bond market is largest in Korea in terms of amounts outstanding although much of this is little traded . Notwithstanding a major setback following the 1997 crisis this has been the major source of funding for corporations there since the early 1990s. Bonds have been increasingly supplementing bank lending as a source of finance for the private sector in other .