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Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, Ugo's Bond Markets in Latin America: On the Verge of a Big Bang? PDF

By Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, Ugo Panizza

ISBN-10: 0262026325

ISBN-13: 9780262026321

ISBN-10: 1435651480

ISBN-13: 9781435651487

The 1st finished exam of the significance of neighborhood bond marketplace improvement in Latin the United States, with conceptual and comparative checks, case experiences of six international locations, and new, specific information units.

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Additional resources for Bond Markets in Latin America: On the Verge of a Big Bang?

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Whither Latin American Capital Markets? : World Bank. Eichengreen, Barry, Eduardo Borensztein, and Ugo Panizza (2006). ’’ Hong Kong Institute for Monetary Research, Occasional Papers No. 3. Eichengreen, Barry, and Pipat Luengnaruemitchai (2004). ’’ NBER Working Paper No. 10576. Goldstein, Morris, and Paul Turner (2004). Controlling Currency Mismatches in Emerging Markets. : Institute for International Economics. International Finance Corporation (2000). C. International Monetary Fund (2002). Financial Stability Report, Chapter IV.

Regulatory restrictions and regulatory reforms are also found to be important for hindering or promoting private bond financing. Of particular interest are the development of the flexible certificados bursa´tiles in Mexico and the deferred payment checks in Argentina as tradable debt instruments. The third objective of the volume is to describe whether policies aimed at promoting the growth of the Latin American bond market can have a positive effect on the economic performance of the region. The studies published in this book show that many countries now have a government yield curve, which is gradually pushing out its maturity, providing market interest rates for the pricing of private instruments and facilitating the conduct of monetary policy.

No clear pattern emerges from the six studies considered in this volume. Whereas in Mexico, ‘‘safer’’ public bonded debt has been accompanied by ‘‘safer’’ private bonds, this was not the case in the other countries. This 24 Borensztein, Cowan, Eichengreen, and Panizza is not surprising, as the theoretical effects are ambiguous. On the one hand, having a CPI-indexed or nominal yield curve for public debt should make the pricing of similar types of private debt easier. On the other hand, a government balance sheet with a larger share of nominal debt could lead private investors to renew their historical concerns regarding opportunistic government behavior, such as using higher inflation to dilute debts; those investors may therefore demand more, rather than fewer, dollar-denominated contracts.

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Bond Markets in Latin America: On the Verge of a Big Bang? by Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, Ugo Panizza

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