Disintermediation and the Development of Bond Markets in Emerging Europe

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 settin...

Full description

Saved in:
Bibliographic Details
Published in:International journal of the economics of business 2003-02, Vol.10 (1), p.67-82
Main Authors: Szilagyi, Peter, Batten, Jonathan, Fetherston, Thomas
Format: Article
Language:English
Subjects:
Bond market
Bond Markets
Business studies
Capital flow
Disintermediation
Economic policy
Economics
Emerging Markets
Europe
International markets
Studies
Volatility
Citations: Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
cited_by cdi_FETCH-LOGICAL-c452t-5b4ec0ecc8d1f27ab46969b5b21d163cfadd4bb44a532fbcbe490e6988c3f6413
cites
container_end_page 82
container_issue 1
container_start_page 67
container_title International journal of the economics of business
container_volume 10
creator Szilagyi, Peter
Batten, Jonathan
Fetherston, Thomas
description 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.
doi_str_mv 10.1080/1357151032000043339
format article
fullrecord <record><control><sourceid>proquest_repec</sourceid><recordid>TN_cdi_proquest_journals_212317762</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>331226901</sourcerecordid><originalsourceid>FETCH-LOGICAL-c452t-5b4ec0ecc8d1f27ab46969b5b21d163cfadd4bb44a532fbcbe490e6988c3f6413</originalsourceid><addsrcrecordid>eNqFkE9v1DAQxSMEEqXwCbhEHLgF_C9OfEGCdttFKuICZ8t2xq2XxA62t7Dfnlkt4oAqsPQ0o9H7PY2naV5S8oaSkbylvB9oTwlnBJ_gnKtHzRkVUnZ0ZOox9ujo0CKfNs9K2RGCA8XOmu1lKCFWyAtMwdSQYmvi1NY7aC_hHua0LhBrm3z7IeH8k8nfoJY2xHazQL4N8bbd7HNa4XnzxJu5wIvf9bz5erX5crHtbj5ff7x4f9M50bPa9VaAI-DcOFHPBmOFVFLZ3jI6UcmdN9MkrBXC9Jx56ywIRUCqcXTcS0H5efP6lLvm9H0PpeolFAfzbCKkfdF8FP0o1NH46i_jLu1zxN00o4zTYZAMTfxkcjmVksHrNYfF5IOmRB9Pqx84LVLbE5VhBfcHqcaHHThb9L3mBgO4OaAQ5FjCcYZaUXLQI9N3dcEodYoK0ae8mB8pzxMmHeaUfTbRhfLQCrr-rMi--y_L__WPX2txqeo</addsrcrecordid><sourcetype>Aggregation Database</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>212317762</pqid></control><display><type>article</type><title>Disintermediation and the Development of Bond Markets in Emerging Europe</title><source>EconLit s plnými texty</source><source>International Bibliography of the Social Sciences (IBSS)</source><source>Business Source Ultimate</source><source>Taylor &amp; Francis</source><creator>Szilagyi, Peter ; Batten, Jonathan ; Fetherston, Thomas</creator><creatorcontrib>Szilagyi, Peter ; Batten, Jonathan ; Fetherston, Thomas</creatorcontrib><description>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.</description><identifier>ISSN: 1357-1516</identifier><identifier>EISSN: 1466-1829</identifier><identifier>DOI: 10.1080/1357151032000043339</identifier><language>eng</language><publisher>Abingdon: Taylor &amp; Francis Group</publisher><subject>Bond market ; Bond Markets ; Business studies ; Capital flow ; Disintermediation ; Economic policy ; Economics ; Emerging Markets ; Europe ; International markets ; Studies ; Volatility</subject><ispartof>International journal of the economics of business, 2003-02, Vol.10 (1), p.67-82</ispartof><rights>Copyright Taylor &amp; Francis Group, LLC 2003</rights><rights>Copyright Carfax Publishing Company Feb 2003</rights><lds50>peer_reviewed</lds50><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c452t-5b4ec0ecc8d1f27ab46969b5b21d163cfadd4bb44a532fbcbe490e6988c3f6413</citedby></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><link.rule.ids>314,780,784,27924,27925,33223,33224</link.rule.ids><backlink>$$Uhttp://econpapers.repec.org/article/tafijecbs/v_3a10_3ay_3a2003_3ai_3a1_3ap_3a67-82.htm$$DView record in RePEc$$Hfree_for_read</backlink></links><search><creatorcontrib>Szilagyi, Peter</creatorcontrib><creatorcontrib>Batten, Jonathan</creatorcontrib><creatorcontrib>Fetherston, Thomas</creatorcontrib><title>Disintermediation and the Development of Bond Markets in Emerging Europe</title><title>International journal of the economics of business</title><description>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.</description><subject>Bond market</subject><subject>Bond Markets</subject><subject>Business studies</subject><subject>Capital flow</subject><subject>Disintermediation</subject><subject>Economic policy</subject><subject>Economics</subject><subject>Emerging Markets</subject><subject>Europe</subject><subject>International markets</subject><subject>Studies</subject><subject>Volatility</subject><issn>1357-1516</issn><issn>1466-1829</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2003</creationdate><recordtype>article</recordtype><sourceid>8BJ</sourceid><recordid>eNqFkE9v1DAQxSMEEqXwCbhEHLgF_C9OfEGCdttFKuICZ8t2xq2XxA62t7Dfnlkt4oAqsPQ0o9H7PY2naV5S8oaSkbylvB9oTwlnBJ_gnKtHzRkVUnZ0ZOox9ujo0CKfNs9K2RGCA8XOmu1lKCFWyAtMwdSQYmvi1NY7aC_hHua0LhBrm3z7IeH8k8nfoJY2xHazQL4N8bbd7HNa4XnzxJu5wIvf9bz5erX5crHtbj5ff7x4f9M50bPa9VaAI-DcOFHPBmOFVFLZ3jI6UcmdN9MkrBXC9Jx56ywIRUCqcXTcS0H5efP6lLvm9H0PpeolFAfzbCKkfdF8FP0o1NH46i_jLu1zxN00o4zTYZAMTfxkcjmVksHrNYfF5IOmRB9Pqx84LVLbE5VhBfcHqcaHHThb9L3mBgO4OaAQ5FjCcYZaUXLQI9N3dcEodYoK0ae8mB8pzxMmHeaUfTbRhfLQCrr-rMi--y_L__WPX2txqeo</recordid><startdate>200302</startdate><enddate>200302</enddate><creator>Szilagyi, Peter</creator><creator>Batten, Jonathan</creator><creator>Fetherston, Thomas</creator><general>Taylor &amp; Francis Group</general><general>Taylor and Francis Journals</general><general>Taylor &amp; Francis Ltd</general><scope>DKI</scope><scope>X2L</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>8BJ</scope><scope>FQK</scope><scope>JBE</scope></search><sort><creationdate>200302</creationdate><title>Disintermediation and the Development of Bond Markets in Emerging Europe</title><author>Szilagyi, Peter ; Batten, Jonathan ; Fetherston, Thomas</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c452t-5b4ec0ecc8d1f27ab46969b5b21d163cfadd4bb44a532fbcbe490e6988c3f6413</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2003</creationdate><topic>Bond market</topic><topic>Bond Markets</topic><topic>Business studies</topic><topic>Capital flow</topic><topic>Disintermediation</topic><topic>Economic policy</topic><topic>Economics</topic><topic>Emerging Markets</topic><topic>Europe</topic><topic>International markets</topic><topic>Studies</topic><topic>Volatility</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Szilagyi, Peter</creatorcontrib><creatorcontrib>Batten, Jonathan</creatorcontrib><creatorcontrib>Fetherston, Thomas</creatorcontrib><collection>RePEc IDEAS</collection><collection>RePEc</collection><collection>CrossRef</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><jtitle>International journal of the economics of business</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Szilagyi, Peter</au><au>Batten, Jonathan</au><au>Fetherston, Thomas</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Disintermediation and the Development of Bond Markets in Emerging Europe</atitle><jtitle>International journal of the economics of business</jtitle><date>2003-02</date><risdate>2003</risdate><volume>10</volume><issue>1</issue><spage>67</spage><epage>82</epage><pages>67-82</pages><issn>1357-1516</issn><eissn>1466-1829</eissn><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.</abstract><cop>Abingdon</cop><pub>Taylor &amp; Francis Group</pub><doi>10.1080/1357151032000043339</doi><tpages>16</tpages></addata></record>
fulltext fulltext
identifier ISSN: 1357-1516
ispartof International journal of the economics of business, 2003-02, Vol.10 (1), p.67-82
issn 1357-1516
1466-1829
language eng
recordid cdi_proquest_journals_212317762
source EconLit s plnými texty; International Bibliography of the Social Sciences (IBSS); Business Source Ultimate; Taylor & Francis
subjects Bond market
Bond Markets
Business studies
Capital flow
Disintermediation
Economic policy
Economics
Emerging Markets
Europe
International markets
Studies
Volatility
title Disintermediation and the Development of Bond Markets in Emerging Europe
url http://sfxeu10.hosted.exlibrisgroup.com/loughborough?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-04T16%3A38%3A12IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_repec&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Disintermediation%20and%20the%20Development%20of%20Bond%20Markets%20in%20Emerging%20Europe&rft.jtitle=International%20journal%20of%20the%20economics%20of%20business&rft.au=Szilagyi,%20Peter&rft.date=2003-02&rft.volume=10&rft.issue=1&rft.spage=67&rft.epage=82&rft.pages=67-82&rft.issn=1357-1516&rft.eissn=1466-1829&rft_id=info:doi/10.1080/1357151032000043339&rft_dat=%3Cproquest_repec%3E331226901%3C/proquest_repec%3E%3Cgrp_id%3Ecdi_FETCH-LOGICAL-c452t-5b4ec0ecc8d1f27ab46969b5b21d163cfadd4bb44a532fbcbe490e6988c3f6413%3C/grp_id%3E%3Coa%3E%3C/oa%3E%3Curl%3E%3C/url%3E&rft_id=info:oai/&rft_pqid=212317762&rft_id=info:pmid/&rfr_iscdi=true