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

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

The 1st complete exam of the significance of neighborhood bond industry improvement in Latin the USA, with conceptual and comparative checks, case reports of six international locations, and new, exact information units.

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This means that the amount of cash banks need to hold in proportion to total savings in anticipation of deposit withdrawals can be reduced. When we introduce the possibility of securitization in our model (see Bolton and Freixas 2006) we are able to compare the relative performance of bonds, bank loans, and securitized bank loans and to characterize the new equilibrium financial structure of an EME. To see how securitization fits in with other financial alternatives such as unsecuritized bank loans and bond issues, it is useful to start with the observation that securitization actually involves duplication of transactions costs.

The answers have been rescaled so that 1 means strongly agree and 0 strongly disagree. countries agree that a yield curve is a crucial element for pricing corporate bonds, a key developmental function of government bonded debt. The surveys also asked a direct question of whether government and corporate bonds were substitutes in portfolios. Judging from the survey responses, government and corporate bonds compete in the portfolios of institutional investors in Uruguay and to a lesser extent Mexico (a fact consistent with crowding out), while investors located in Argentina, Brazil, Chile, and Colombia disagreed with the statement that corporate and government bonds are substitutes in their portfolios.

Board of Governors of the Federal Reserve System. Caprio, Gerard, and Daniela Klingebiel (2003). ’’ Unpublished paper, World Bank. Cifuentes, Rodrigo, Jorge Desormeaux, and Claudio Gonza´lez (2002). ’’ In BIS Papers No. ’’ 28 Borensztein, Cowan, Eichengreen, and Panizza Cowan, Kevin, Eduardo Levy-Yeyati, Ugo Panizza, and Federico Sturzenegger (2006). ’’ Working Paper No. 577, Research Department, InterAmerican Development Bank. De la Torre, Augusto, and Sergio Schmukler (2004). Whither Latin American Capital Markets?

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