Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan
From the early 1950s until quite recently, the Japanese government took an active role in promoting a bank debenture market. This Note explains how the Japanese bank debenture market developed and what role these debentures played in establishing a bond market. The debenture market started life at a time when massive amounts of long-term capital were needed for reconstruction. Capital markets had not yet developed, and market-base long-term funding was seen as too risky by both investors and financial institutions.
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| Language: | English |
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World Bank, Washington, DC
1994-12
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| Subjects: | BONDS, CAPITAL MARKETS, INVESTMENT, INVESTMENT PROMOTION, CAPITAL FORMATION BANK DEPOSITS, BANK OF JAPAN, BANKING SERVICES, BANKING SYSTEM, BANKS, BOND MARKETS, BORROWING, BROKERS, BUDGET DEFICITS, COMMERCIAL BANKS, COUPON RATE, CREDIT RATINGS, CREDITWORTHINESS, DEBENTURES, DEPOSITS, EMERGING MARKETS, FINANCIAL INSTITUTIONS, FINANCIAL MARKETS, GOVERNMENT BONDS, GOVERNMENT INTERVENTIONS, INTEREST RATES, LIQUIDITY, OPEN MARKET OPERATIONS, PRIVATE SECTOR, SAVINGS, SAVINGS ACCOUNTS, SECURITIES, TAX, TELECOMMUNICATIONS, TERM FINANCE, TIME DEPOSITS, |
| Online Access: | http://documents.worldbank.org/curated/en/1994/12/441495/developing-long-term-finance-emerging-markets-using-bank-debentures-lessons-japan https://hdl.handle.net/10986/11678 |
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