Pradhan, Mahmood; Peiris, Shanaka J.; Goswami, Mangal; … - International Monetary Fund (IMF) - 2011
markets. Yet today these markets are not much larger, relative to GDP, than they were a decade before. How can we explain this …? And does this mean that domestic markets have not, in fact, developed? The paper argues that bond market growth has been … held back by a sharp fall in investment rates, which has left firms with little need for bond borrowing. Even so, markets …