Development of Colombian Bond Markets
Development of Colombian Bond Markets
This chapter examines the determinants and consequences of the development of the Colombian corporate bond market. After a brief literature review, it presents an overview of the Colombian financial sector. The chapter then describes Colombian bond markets and introduces the databases upon which the study was constructed. The data is used to estimate models that explain the probability that a firm issues bonds (supply) as well as the probability that an institutional investor holds them (demand). Next, the chapter provides some empirical evidence to support the idea that having a larger bond market is desirable. The final section provides conclusions and policy recommendations.
Keywords: Colombia, bond markets, corporate debt, financial sector, institutional investor
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