Драйверы и тормозы развития рынков корпоративных облигаций развитых и развивающихся стран
This paper analyzes the trends in the corporate bond market of the Russian Federation, denotes its weaknesses. We 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. Methodology of our research ‑ multifactor regressions and generalized method of moments. The sample includes 28 developed and developing countries. We obtain original conclusions about influence of institutional factors on corporate bond markets: in particular, we reveal a positive influence of quality of institutional environment on the fast-growing Next11 countries, as well as significance of human capital for a number of developing countries.