chapter  6
17 Pages

Securities markets

Capital and securities markets A major portion of the capital market is the securities market, consisting of the bond market and the stock market. In the financial structure of the fast growth period that favoured indirect finance, the securities markets remained underdeveloped. After 1975, however, the securities markets grew quite rapidly under the influence of the large-scale flotations of government bonds and the internationalization of finance. In addition, new types of bonds such as convertible bonds, warrant bonds, ‘samurai bonds’ and ‘shogun bonds’ have been developed as a result of financial deregulation and innovation.