Abstract
This paper analyzes the trends in the corporate bond market of the Russian Federation and considers its weaknesses. The authors first empirically investigate determinants of the development of corporate bond markets with account of different sensitivity to the influence of institutional factors for different groups of countries. Research methods include multifactor regressions and generalized method of moments. The sample includes 28 developed and developing countries. The authors obtain new results on the influence of institutional factors on corporate bond markets: in particular, a positive influence of quality of institutional environment on the fast-growing Next11 countries is revealed, as well as the significance of human capital for a number of developing countries.
Published Version
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