Local-currency government-debt markets have performed fairly well during the crisis, while local-currency corporate-debt markets have played a more modest role as a vehicle for longer-term finance. This suggests that domestic reforms aimed at reducing issuance costs, improving disclosure requirements, enhancing creditors’ rights frameworks, and tackling other inhibiting factors could bring high returns.
最后，新兴经济体的本币债券市场——以及更一般地，本国资本市场——必须进一步利用，以延长金融流的期限。本币政府债券市场在危机期间表现相当出色，而本币公司债券市场作为长期融资工具也表现得更加稳健。这表明旨在降低发行成本、改善披露要求、强化债权人权利框架以及解决其他抑制因素的国内改革可以带来高回报。