The study states that in China, for instance, the one year interest rate in June 2006 was less than half the comparable US Treasury bond rate. Hence the central bank is earning a positive carry. However, it can be argued that given the inherent cyclical nature of interest rates, such negative carrying cost could reverse over a period of time.
The creation of broad and efficient markets would offer firms, even the smallest of them, new opportunities for borrowing and for growth and investors a wider array of options. The issues of establishing credit ratings and standardizing corporate information are especially important.