BIS's Knight on developing corporate bond markets

In the speech 'Sharing experiences in developing corporate bond markets' given on 17 November Malcolm Knight of the BIS argues that a robust financial system requires a diversity of financing channels, in which banks and fixed income markets compete in gathering funds and onlending them to deficit agents.

He points out that bond financing strengthens the system by serving as an additional alternative form of intermediation to short-term credit markets, which are inherently volatile and subject to

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