The international financial institutions would have shunned Pakistan as a pariah economy and Pakistan would have been isolated from global economy.
Developments include the introduction of inflation-linked bonds, floating rate notes, a strip programme (an acronym for Separate Trading of Registered Interest and Principal), retail bonds and municipal bonds. The corporate bond market has also grown substantially from net issuance of more than R10 billion in 2001 to net issuance of almost R70 billion in 2006. 1  See Jacobs, AJ (1988).