ABSTRACT
On the sample of 24 emerging and developed bond markets we reveal determinants of their growth. We consider a wide range of macroeconomic and institutional factors. The time period is from 2006 to 2018. Multi-factor linear regression models and the generalized method of moments (GMM) are applied for the balanced panel data. Our results show that the key determinants of the share of LCY corporate bonds in the total issuance volume are the volatility and downside volatility of the return rate of the stock market index, inflation and its stability, market capitalization, currency devaluation and the Index of Economic Freedom. The key determinants of the volume of LCY corporate bonds outstanding to GDP are domestic credit to private sector, the index of property rights and belonging to the group of NIC countries.
