IDEAS home Printed from https://ideas.repec.org/a/scn/financ/y2017i2p69-81.html
   My bibliography  Save this article

Тенденции Развития Международного Рынка Долговых Ценных Бумаг // Development Trends In The International Debt Securities Market

Author

Listed:
  • I. Balyuk A.

    (Financial University)

  • И. Балюк А.

    (Финансовый университет)

Abstract

With the global financial market liberalization, countries are getting increasingly dependent on the external financing realized through the infrastructure and mechanisms of the international debt market. Since over 4/5 of the total international debt market falls on various types of debt securities, the analysis of the dynamics and trends in the development of this segment of the international debt market is of particular interest. The paper focuses on the dynamics, structure and trends in the international debt securities market development for the last two decades. The international debt securities market is viewed in the context of its players, principal financial tools and currencies. Based on the performed analysis, it is concluded that the normal progressive development of the international debt securities market was upset by the global financial and economic crisis of 2007 to 2009. Among the key features of the international debt securities market for the reviewed period, the paper points out the growing role of emerging economies; an increased share of issued international debt securities denominated in euro, as well as expansion of non-bank financial institutions involved in the issuance of debt securities on the background of weakening banks’ positions in the recent years. По мере либерализации функционирования мирового финансового рынка происходит усиление зависимости различных стран от внешнего финансирования, которое реализуется через инфраструктуру и механизмы международного долгового рынка. Поскольку более 4/5 совокупного объема международного долгового рынка приходится на различные виды долговых ценных бумаг, особый интерес представляет анализ динамики и тенденций развития данного сегмента международного долгового рынка. В статье рассматриваются динамика, структура, а также основные тенденции развития международного рынка долговых ценных бумаг за последние двадцать лет. Международный рынок долговых ценных бумаг анализируется с точки зрения его участников, основных финансовых инструментов и видов валют. На основе проведенного анализа делается вывод о том, что нормальное поступательное развитие международного рынка долговых ценных бумаг было нарушено глобальным финансово-экономическим кризисом 2007-2009 гг. Среди основных особенностей развития международного рынка долговых ценных бумаг за рассматриваемый период времени в статье отмечается заметное усиление роли развивающихся стран, повышение удельного веса евро в валютной структуре выпусков международных долговых ценных бумаг, а также активизация в последние годы роли нефинансовых организаций в качестве эмитентов на фоне ослабления позиций банков.

Suggested Citation

  • I. Balyuk A. & И. Балюк А., 2017. "Тенденции Развития Международного Рынка Долговых Ценных Бумаг // Development Trends In The International Debt Securities Market," Финансы: теория и практика/Finance: Theory and Practice // Finance: Theory and Practice, ФГОБУВО Финансовый университет при Правительстве Российской Федерации // Financial University under The Government of Russian Federation, vol. 21(2), pages 69-81.
    • Handle: RePEc:scn:financ:y:2017:i:2:p:69-81
    as

    Download full text from publisher

    File URL: https://financetp.fa.ru/jour/article/viewFile/345/272.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Branimir Gruic & Philip Wooldridge, 2012. "Enhancements to the BIS debt securities statistics," BIS Quarterly Review, Bank for International Settlements, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Stefan Avdjiev & Bryan Hardy & Şebnem Kalemli-Özcan & Luis Servén, 2022. "Gross Capital Flows by Banks, Corporates, and Sovereigns," Journal of the European Economic Association, European Economic Association, vol. 20(5), pages 2098-2135.
    2. Burger, John D. & Warnock, Francis E. & Warnock, Veronica Cacdac, 2018. "Currency matters: Analyzing international bond portfolios," Journal of International Economics, Elsevier, vol. 114(C), pages 376-388.
    3. Meng-Wai Lee & Kim-Leng Goh & Michael Meow-Chung Yap, 2019. "The Malaysian Domestic Bond Market: Growing into its Rightful Role," Capital Markets Review, Malaysian Finance Association, vol. 27(1), pages 34-52.
    4. Bénétrix, Agustín S. & Juvenal, Luciana & Schmitz, Martin & Gautam, Deepali, 2020. "Cross-border currency exposures: new evidence based on an enhanced and updated dataset," Working Paper Series 2417, European Central Bank.
    5. Bank for International Settlements, 2015. "Introduction to BIS statistics," BIS Quarterly Review, Bank for International Settlements, September.
    6. Facundo Abraham & Juan J. Cortina & Sergio L. Schmukler, 2020. "The Expansion of Corporate Bond Markets in East Asia and Latin America," Documentos de Trabajo 18594, The Latin American and Caribbean Economic Association (LACEA).
    7. Yilmaz Akyüz, 2014. "Internationalization of Finance and Changing Vulnerabilities in Emerging and Developing Economies," UNCTAD Discussion Papers 217, United Nations Conference on Trade and Development.
    8. John D. Burger & Rajeswari Sengupta & Francis E. Warnock & Veronica Cacdac Warnock, 2015. "US investment in global bonds: as the Fed pushes, some EMEs pull," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 30(84), pages 729-766.
    9. Cortina, Juan J. & Didier, Tatiana & Schmukler, Sergio L., 2021. "Global corporate debt during crises: Implications of switching borrowing across markets," Journal of International Economics, Elsevier, vol. 131(C).
    10. Patrick McGuire & Goetz von Peter & Sonya Zhu, 2024. "International finance through the lens of BIS statistics: residence vs nationality," BIS Quarterly Review, Bank for International Settlements, March.
    11. João Falcão Silva & Swapan-Kumar Pradhan, 2019. "Uses of mirror data: examples from the BIS international banking statistics and other external statistics," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
    12. Ramon Moreno & José María Serena Garralda, 2018. "Firms' credit risk and the onshore transmission of the global financial cycle," BIS Working Papers 712, Bank for International Settlements.
    13. Mizen, Paul & Packer, Frank & Remolona, Eli & Tsoukas, Serafeim, 2021. "Original sin in corporate finance: New evidence from Asian bond issuers in onshore and offshore markets," Journal of International Money and Finance, Elsevier, vol. 119(C).
    14. Avdjiev, Stefan & Gambacorta, Leonardo & Goldberg, Linda S. & Schiaffi, Stefano, 2020. "The shifting drivers of global liquidity," Journal of International Economics, Elsevier, vol. 125(C).
    15. Avdjiev, Stefan & Binder, Stephan & Sousa, Ricardo, 2021. "External debt composition and domestic credit cycles," Journal of International Money and Finance, Elsevier, vol. 115(C).
    16. Cedric Durand & Sébastien Villemot, 2016. "Balance sheets after the EMU : an assessment of the redenomination risk," Documents de Travail de l'OFCE 2016-31, Observatoire Francais des Conjonctures Economiques (OFCE).
    17. Carvalho, Daniel, 2022. "The portfolio holdings of euro area investors: Looking through investment funds," Journal of International Money and Finance, Elsevier, vol. 120(C).
    18. Carol Bertaut & Beau Bressler & Stephanie E Curcuru, 2019. "Globalization and the geography of capital flows," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Are post-crisis statistical initiatives completed?, volume 49, Bank for International Settlements.
    19. Chiţu, Livia & Eichengreen, Barry & Mehl, Arnaud, 2014. "When did the dollar overtake sterling as the leading international currency? Evidence from the bond markets," Journal of Development Economics, Elsevier, vol. 111(C), pages 225-245.
    20. Daniel Carvalho, 2022. "Intra-financial assets and the intermediation role of the financial sector," Trinity Economics Papers tep0622, Trinity College Dublin, Department of Economics.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:scn:financ:y:2017:i:2:p:69-81. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Алексей Скалабан (email available below). General contact details of provider: http://financetp.fa.ru .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.