Developing Long-Term Finance in Emerging Markets : Using Bank Debentures - Lessons from Japan

[摘要] From the early 1950s until quiterecently, the Japanese government took an active role inpromoting a bank debenture market. This Note explains howthe Japanese bank debenture market developed and what rolethese debentures played in establishing a bond market. Thedebenture market started life at a time when massive amountsof long-term capital were needed for reconstruction. Capitalmarkets had not yet developed, and market-base long-termfunding was seen as too risky by both investors andfinancial institutions.

[发布机构] World Bank, Washington, DC

[学科分类] 社会科学、人文和艺术（综合）

[关键词] BONDS;CAPITAL MARKETS;INVESTMENT;INVESTMENT PROMOTION;CAPITAL FORMATION BANK DEPOSITS