Journal of Financial Services Research

, Volume 27, Issue 2, pp 163–181 | Cite as

High-Yield Bond Diffusion in the United States, the United Kingdom, and the Euro Area

  • Gabe de Bondt
  • David Marqués Ibáñez
Original Article


We examine the development of the high-yield corporate bond market in the U.S., UK, and the euro area. Our results suggest that the adoption of high-yield bonds is significantly affected by a number of macroeconomic variables and that high-yield bonds were diffused faster in Europe than in the U.S. These findings suggest that the adoption of new financial products depends on the macroeconomic environment and that the speed of their diffusion can be particularly fast when a pioneer country has already adopted the financial innovation.

Key words

High-yield bond market financial innovation diffusion models 


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Copyright information

© Springer Science + Business Media, Inc. 2005

Authors and Affiliations

  • Gabe de Bondt
    • 1
  • David Marqués Ibáñez
    • 1
  1. 1.European Central BankUK

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