IDEAS home Printed from https://ideas.repec.org/a/taf/ijecbs/v10y2003i1p67-82.html
   My bibliography  Save this article

Disintermediation and the Development of Bond Markets in Emerging Europe

Author

Listed:
  • Peter Szilagyi
  • Jonathan Batten
  • Thomas Fetherston

Abstract

The recent financial crises in Asia and Russia have shown that emerging European economies, due to their strong dependence on foreign capital, are highly vulnerable to the excessive volatility of international capital flows. Those economies that pursued sound macroeconomic policies, including setting up functioning financial market systems, have held up well and avoided major spillover effects. We argue that the appropriate approach to meet future refinancing needs is through the development of viable domestic and international bond markets. A key benefit of this strategy will be a reduction in systemic risk and the probability of future crisis.

Suggested Citation

  • Peter Szilagyi & Jonathan Batten & Thomas Fetherston, 2003. "Disintermediation and the Development of Bond Markets in Emerging Europe," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 10(1), pages 67-82.
  • Handle: RePEc:taf:ijecbs:v:10:y:2003:i:1:p:67-82
    DOI: 10.1080/1357151032000043339
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/10.1080/1357151032000043339
    Download Restriction: Access to full text is restricted to subscribers.

    File URL: https://libkey.io/10.1080/1357151032000043339?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alińska Agnieszka & Czepirska Izabela, 2016. "The Development of Payment Services as an Example of Disintermediation in the Financial System," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 12(2), pages 60-73.
    2. Endo, Tadashi, 2020. "The primary dealer system in lower-income economies," Emerging Markets Review, Elsevier, vol. 45(C).
    3. Endo, Tadashi, 2008. "Broadening the offering choice of corporate bonds in emerging markets : cost-effective access to debt capital," Policy Research Working Paper Series 4655, The World Bank.
    4. Endo, Tadashi, 2022. "Endogenous market development for government securities in lower-income economies," Emerging Markets Review, Elsevier, vol. 50(C).
    5. Selim Yildirim & Bilge Kagan zdemir & Burhan Dogan, 2013. "Financial Development and Economic Growth Nexus in Emerging European Economies: New Evidence from Asymmetric Causality," International Journal of Economics and Financial Issues, Econjournals, vol. 3(3), pages 710-722.
    6. Agnieszka Aliñska & Izabela Czepirska, 2016. "The Development Of Payment Services As An Example Of Disintermediation In The Financial System," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 12(2), pages 60-73, October.

    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:taf:ijecbs:v:10:y:2003:i:1:p:67-82. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/CIJB20 .

    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.