The Impact of Macroeconomic Factors on Corporate Bond Market Development in Vietnam

Abstract

We use Autoregressive Distributed Lag (ARDL) model to assess the impact of macroeconomic factors on the development of Vietnam’s corporate bond market from the 1st quarter of 2004 to the 4th quarter of 2020. The research model includes seven macroeconomic factors as independent variables: economic growth, inflation, interest rates, money supply M2, exchange rate, the openness of the economy, and crisis. The results show that the above macro factors impact the development of the corporate bond market in the short or long term. Based on research results, we propose some solutions to stably develop the Vietnamese corporate bond market in the coming time.