债券市场发展研究外文文献翻译2017.doc

外文文献翻译 原文+译文 文献出处：Beck T. THE REARCH OF THE DEVELOPMENT OF BOND MARKET[J]. The World Bank Economic Review, 2017, 2(3):597-605. 原文 THE REARCH OF THE DEVELOPMENT OF BOND MARKET Beck Ted INTRODUCTION The relationship between financial market development and economic growth has received considerable attention over the years. Increased availability of financial instruments reduces transaction and information costs and promotes growth in the economy by helping economic agents hedge, trade, and pool risks in attracting investments (Wachtel, 2001). Developing a viable bond market provides stable and predictable sources of funding for borrowers and reliable sources of income for investors (Aggrawal, Inclan Leal, 1999). Participants are able to pursue investment activities with known costs of funds and returns (Hirotaka, 1997). Infrastructural development projects with marginal economic returns sensitive to the cost of funds can proceed on the basis of more certain funding costs (Arnold Vrugt, 2006) obtained through access to the bond markets while providing investors with predictable cash flows (Bukley, 1998; German, 1977; Cagan, 1956). The vast majority of literature on finance and growth has largely ignored the bond markets despite their role as an essential source of external finance (Boyd, Levine Smith, 2001). Financial markets and banks may provide complementary growth-enhancing financial services to the economy (Fink, Haiss Hristoforova, 2003). This study offers an assessment of the impact of money market rate volatility on the viability of the Zimbabwean fixed income security market (Brennan Schwartz, 1979). The combined effects of political instability and hyperinflation in Zimbabwe have led to great uncertainty in the securities market and consequently, to unstable bond market (Bekaert Harvey, 1997). The money market, which is an indicator of the short term interest rates (Bernanke, Gertler Gilchrist, 1996), has been characterized by major fluctuatio