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Are Institutions a Driver or an Obstacle to Development of Local Currency Corporate Bond Markets?
P. 380–393.
We analyze institutional determinants of the development of local currency (LCY) corporate bond markets in the period from 2010 to 2016. We consider a wide range of indicators of the quality of institutional environment: the Heritage Foundation's Index of Economic Freedom, the Worldwide governance indicators, the World Economic Forum’s indicators of corporate culture, development and regulation of financial markets. Unlike most previous studies, we test not only static regression
models (multifactor linear regressions), but also dynamic models based on the generalized method of moments, which allows to solve the problem of endogeneity of variables.
The results show that low quality of institutional environment, macroeconomic and financial instability stimulate growth of the share of LCY corporate bonds in the total issuance volume. In the periods of instability LCY corporate bonds become less attractive for foreign investors, and issuers are forced to raise capital in the domestic market. The most significant factors in both static and dynamic model specifications are the World Bank’s indicators of regulatory quality and rule of law.
A decline in sovereign credit ratings also gives impetus to the development of LCY corporate bond markets.
An original result is that more developed stock markets suppress the growth of LCY corporate bond markets: equity and corporate bonds are competing financing sources for companies from developing countries. A developed banking sector contributes to the growth of the LCY corporate bond market: banks act as dealers and market makers. Devaluation of the national currency has a significant positive influence on the explained variable.
In book
Proceedings of the 30th International Business Information Management Association Conference (IBIMA)
Madrid: International Business Information Management Association (IBIMA), 2017.
Makushkin M., Деньги и кредит 2026 Т. 85 № 2 С. 82–100
The paper considers the problem of estimating the coupon-free yield curve of Russian bonds in yuan. The relevance of the topic is explained by the increased popularity of yuan-denominated bonds in the Russian market since 2022, as well as the recent appearance of the first federal loan bonds (OFZ) in yuan. Given that the number ...
Added: September 24, 2026
Makushkin M., Финансовый журнал 2026 Т. 18 № 4 С. 27–44
This article examines financial innovations in the Russian corporate bond market as a response to structural changes in the economy following 2022. The tightening of monetary policy has led to prohibitively high interest rates for domestic companies, while the sanctions have closed access to external capital markets. Despite these constraints, Russian firms have successfully adapted ...
Added: September 24, 2026
Vagin S., Lascencov Y., Konovalova M. et al., International Journal for Quality Research 2021 Vol. 15 No. 3 P. 773–796
Added: August 27, 2026
Fedyunina A., Drapkin I. M., Simachev Y. V., Area Development and Policy 2026
Trade sanctions generate asymmetric shocks in developing economies, reshaping their integration into global value chains (GVCs). Using a gravity framework covering 68 developing countries over the period 2000–2021, this paper examines how sanctions affect forward and backward GVC linkages. We find that sanctions significantly reduce both dimensions of GVC participation: backward linkages suffer deeper and ...
Added: August 10, 2026
Yudina M., Ярыгина И., Четти К. et al., Finance: Theory and Practice 2026 Vol. 30 No. 1 P. 103–119
The paper is a result of a comprehensive and systematic approach to reviewing the growing opportunities for BRICS countries in introducing artificial intelligence into a mutual financial platform. The subject of the study is the AI as a factor of BRICS cooperation and its growth in finance. The purpose of the study is to identify measures that stimulate the ...
Added: March 31, 2026
Zhilkin A., Московский журнал международного права 2025 No. 3 P. 102–118
INTRODUCTION. This article examines the monitoring of human rights compliance in the European Union’s Generalised Scheme of Preferences (hereinafter GSP) programmes. It aims to analyse how the European Union (hereinafter EU) uses trade preferences as leverage to promote human rights in developing countries, with a particular focus on the effectiveness of monitoring mechanisms and withdrawal ...
Added: May 14, 2025
Makeeva N., Экономика и математические методы 2026 Т. 62 № 2 С. 58–72
This study analyzes the accuracy of nowcasting and short-term forecasting models for annualized quarterly GDP growth rates in 33 developing countries over the period from Q1 2013 to Q4 2023. The research evaluates the out-of-sample accuracy of various models (MIDAS, MFBVAR, DFM, regularization-based models, a classical pairwise regression and first-order autoregression model) using the last ...
Added: April 19, 2025
Nastina E., Tormos R., International Journal of Comparative Sociology 2026 Vol. 67 No. 3 P. 398–419
This study investigates the factors contributing to cross-cultural variation in the disapproval of free-riding behaviors such as tax evasion, fare dodging, and benefits fraud. While some cross-cultural researchers contend that attitudes toward these behaviors exhibit minimal variance due to a universal value of fairness, others adopting an institutional perspective argue that significant differences can be ...
Added: April 12, 2025
Maksimov A. G., Telezhkina M., / NRU Higher School of Economics. Series EC "Economics". 2024. No. 271.
The paper examines similarity of models with structural changes among heterogeneous panel data units. We propose applying a cosine metric to compare angles between vectors of weighted coefficients as a measure of closeness of economic models. Testing whether the cosine metric value is zero against nonzero, positive, and negative alternatives enriches traditional testing results. The ...
Added: March 10, 2025
Rodionova Y., Balaeva O., Yakovlev A. A. et al., International Journal of Public Administration 2026 Vol. 49 No. 1 P. 1–13
This paper examines the role of enforcement institutions and public procurement efficiency in two transition economies. Based on a survey of suppliers in Kazakhstan and Russia, the analysis reveals significant differences in public procurement efficiency assessments. Kazakhstani suppliers, on average, evaluate public procurement efficiency lower and report a higher number of procurement problems. These differences can ...
Added: January 28, 2025
Elsayed A., Alina Shirshikova, Journal of Development Economics 2023 Vol. 163 Article 103101
We examine the effects of the large-scale construction of public universities in Egypt during the 1960s and 1970s. We found that opening a local university increased the likelihood of obtaining higher education degrees and had long-lasting positive effects on labor market and marriage outcomes, particularly for women. We give insights on internal migration as a channel ...
Added: November 5, 2024
Rücker Schaeffer P., Brandão Fischer B., Queiroz S. et al., Science and Public Policy 2024 Vol. 51 No. 1 P. 108–126
Entrepreneurial universities have become a key concept in debates concerning regional economic development. Yet, we still fall short of having a clear comprehension of the enablers of such localized impacts arising from academic activity. Such conditions are particularly critical for the context of developing countries, which have mostly mimicked initiatives taking place in the context ...
Added: September 17, 2024
De Moraes Silva D. R., Vonortas N., Furtado A. T., Science and Public Policy 2023 Vol. 50 No. 4 P. 633–654
This article investigates the effect of financial and non-financial barriers on innovativeness. Using microdata from Brazil, it provides a rare detailed empirical investigation of this type in developing countries. The analysis is based on a novel conceptual framework of the moderating role of barriers to innovation. Research and development expenditure and informal methods of intellectual ...
Added: October 13, 2023
Aparecido-Tomaz P., Fischer B., Meissner D. et al., Foresight and STI Governance 2022 Vol. 16 No. 4 P. 59–69
This research aims at addressing the factors that constrain the flow of knowledge between universities and industry when these players are embedded in peripheral contexts. A multiple-case study was carried out in order to describe and understand the limitations of universities as agents of innovation in peripheral ecosystems. Twenty-two semi-structured interviews were conducted with the ...
Added: September 13, 2023
Salati Marcondes de Moraesa Schoo G. H., Brandao Fischer B., Guerrero M. et al., Innovations in Education and Teaching International 2023 Vol. 60 No. 1 P. 134–145
The purpose of this article is to evaluate the impact of university ecosystems on entrepreneurial intention and self-efficacy of Brazilian undergraduate students. The empirical exercise relies on Structural Equations Modelling based on data of 468 students from 70 universities across the country. Results indicate that traditional approaches to foment entrepreneurship are less effective than nurturing ...
Added: September 8, 2023
Резникова О. Б., Гахокидзе И. З., Sinitsyn M., Контуры глобальных трансформаций: политика, экономика, право 2022 № 2 С. 33–48
Scenario analysis of world electricity in the long-term perspective within the general context of global economic growth allowed the authors to conclude that perspective dynamics of electricity in the world leading production and consumption centers will be decisively infl uenced by complex and heterogeneous factors, including: fi rst, primary energy resources endowment; second, level and ...
Added: June 23, 2023
Göçer İ., Akın T., Alatas S., Theoretical and Applied Economics 2016 Vol. 23 No. 2 P. 157–172
In this study, the effect of saving-investment gap on economic growth was analyzed on sample of 65 developing countries for 1981-2014 period. Firstly, these countries were categorized into sub-groups according to their saving-investment gap data by using clustering analysis. Then, panel unit root were performed for each cluster and overall panel, and panel coefficients were ...
Added: September 27, 2022
Сценарии развития мировой электроэнергетики до 2030 г.: основные тенденции, риски и неопределенности
Sinitsyn M., Проблемы экономики и управления нефтегазовым комплексом 2022 № 2 С. 58–64
Scenario analysis of world electricity in the long-term perspective within the general context of global economic growth allowed to make the following main conclusions. First, developed and developing countries, especially the exporters of manufacturing products, demonstrate principally different approaches to electricity sector development. While developed countries, first of all European ones, consider decarbonization of electricity ...
Added: June 21, 2022
Telezhkina M., Вестник Санкт-Петербургского университета. Серия 5. Экономика 2022 Т. 38 № 1 С. 65–84
The paper considers changes in the structure of employment by skill level in countries. Differences in dynamics of the shares of employed with high, medium and low skill levels is traditionally explained by differences in exposure to routine biased technologies, participation in international trade, exposure to offshoring in the country. The current paper contributes to ...
Added: March 16, 2022
Leonid Grinin, Journal of Chinese Philosophy 2021 Vol. 48 No. 2 P. 222–234
One of the main accusations directed toward globalization is that it deepens the gap between the developed and developing countries dooming them to eternal backwardness. The article demonstrates that the actual situation is very different. It is shown that this is due to globalization that the developing countries are generally growing much faster than the ...
Added: January 14, 2022
Gavrilova O., BRICS Law Journal 2020 Vol. 7 No. 3 P. 4–28
These days, the world and every country in it are faced with the task of ensuring food security for people. It’s of current interest also for the BRICS countries. The ability to access genetic information and materials for seed production depends on intellectual property regimes. A lack of access to them is a main barrier for ...
Added: October 12, 2020
Teplova T., Sokolova T., Munir Q., NY: Routledge, 2020.
The bond market is a key securities market and emerging economies present exciting, new investment opportunities. This timely book provides insights into these emerging bond markets through empirical models and analytical databases, i.e. Bloomberg, Eikon Refinitiv and the Russian Cbonds.
The book looks at the dynamics of the development of emerging bond markets, their competitiveness, features ...
Added: October 8, 2020