Missing Links: Regional Reforms for Asia's Bond Markets

Recent empirical studies established that Australian multinational corporations (MNCs) have been unsuccessful in international markets and explained the reasons behind this lack of success. The purpose of this paper is to elaborate on issues that flow from this recent empirical work. We develop propositions to stimulate further research into the economic consequences of international diversification in the Australian context. We also discuss the implications of the evidence for managers of MNCs and industry policy.