서강대학교

초록/요약

This thesis reviews the historical development of the Korean corporate bond market before and after the 1997 financial crisis to determine its lessons for Vietnam’s corporate bond market, which has some similarities to those existing in Korea some two decades ago. This paper points out and explores five shortcomings of Korea’s corporate bond market in the past: an underdeveloped government bond market; heavy government intervention; the dominance of guaranteed bonds; the prevalence of short-term bonds; and the absence of market monitoring. The thesis also examines the measures used to develop a more advanced corporate bond market in Korea. After examining the development of the Korean corporate bond market, this paper recommends the lessons for Vietnam’s emerging corporate bond market, which is still far from a developed market. The Korean experience shows that Vietnam can also foster its corporate bond market by following the measures taken by the Korean, namely the synchronized development of infrastructure and investor base, the development of credit enhancements, the development of government bond market, and the simultaneous government deregulation and supervision.