have also inhibited the development of institutional investors. For example,
until recently in China, corporate bond issuance was limited to the highest rated state
owned enterprises; although the recent authorisation given to the two exchanges to list
bonds issued by smaller or less highly rated companies should help to widen the market
considerably (OECD, 2013a). Insurance companies and pension funds in a number of
countries (notably China and Indonesia) are limited in the share of their assets they are
permitted to invest in corporate bonds