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DIGITAL ACCESS TO SCHOLARSHIP AT HARVARD

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At early stages of development, corporate bond markets are not generally an alternative to thebanking system. The general pattern observed in advanced economies has been for banking toemerge at a much earlier stage of development than bond markets. In the United States, where thecorporate bond market is most developed, bond market financing overtook borrowing from domesticbanks 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 thisis little traded). Notwithstanding a major setback following the 1997 crisis, this has been...
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DIGITAL ACCESS TO SCHOLARSHIP AT HARVARD

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