Download Eighth UNCTAD Debt Management Conference

Eighth UNCTAD Debt Management Conference
Geneva, 14 - 16 November 2011
Interactions between Government Domestic Borrowing
Needs and the Corporate Sector
by
Mr. Ugo Panizza
Chief , Debt and Finance Analysis Unit, Division on
Globalization and Development Strategies, UNCTAD
The views expressed are those of the author and do not necessarily reflect the views of UNCTAD
Interactions between
Government Domestic Borrowing
Needs and the Corporate Sector
Ugo Panizza
UNCTAD
8th UNCTAD Debt Management Conference
Geneva, November 15, 2011
In most countries the government
dominates the domestic bond market
Total Bond Market Capitalization over GDP
(2010)
(Total over GDP<60%)
(Total over GDP>60%)
RUS
BGR
IDN
ARG
CYP
SVN
PER
HRV
VEN
COL
HKG
CHL
SVK
NZL
TUR
PAK
PHL
EGY
FIN
CZE
MEX
POL
IND
CHN
ZAF
CHE
SGP
HUN
NOR
TWN
BRA
THA
GBR
LBN
DEU
GRC
AUS
SWE
CAN
AUT
MYS
ESP
KOR
PRT
BEL
FRA
NLD
ISL
ITA
IRL
USA
DNK
JPN
0
20
40
60
0
50
100
(%)
Govt.
Corp.
Fin.
Source: Eichengreen and Panizza (2011)
Govt.
Fin.
150
(%)
200
Corp.
250
Positive externalities
Source: Investors surveys in Eichengreen and Panizza (2011) &
Borensztein, Cowan, Eichengreen and Panizza (2008)
Interactions between
Government Domestic Borrowing
Needs and the Corporate Sector
Ugo Panizza
UNCTAD
8th UNCTAD Debt Management Conference
Geneva, November 15, 2011