Bond Markets In Latin America
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Bond Markets In Latin America
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Author : Eduardo Borensztein
language : en
Publisher: MIT Press
Release Date : 2008
Bond Markets In Latin America written by Eduardo Borensztein and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with History categories.
Developing local bond markets is high on the policy agenda of Latin America. This book's case studies of Argentina, Brazil Chile, Columbia, Mexico and Uruguay, written by country experts follow a common methodology, with each offering a history of that country's bond market development and data sets.
Transforming Green Bond Markets
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Author : Juan Antonio Ketterer
language : en
Publisher: Inter-American Development Bank
Release Date : 2019-09-27
Transforming Green Bond Markets written by Juan Antonio Ketterer and has been published by Inter-American Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-27 with Technology & Engineering categories.
Despite exhibiting remarkable growth, the green bond market still represents less than 1 percent of the global bond market. This paper identifies two challenges that might slow the adoption of green bonds and presents a menu of responses that policymakers, regulators, and public financial institutions can use to offset these challenges. Specifically, it explores two key dimensions: (i) the risk profile of the green bond instrument and (ii) the transaction costs associated with issuance of and reporting on green bonds. New approaches to risk design and technology-based approaches are essential to untap the potential of green bond markets, particularly in Latin America and the Caribbean and other developing regions. The incorporation of financial mechanisms such as covered bonds and guarantees can adequately address the risk of the issues, making the market more attractive for investors. Enhanced regulation and education and leveraging efficiencies of new technologies such as distributed ledger technologies can substantially reduce monitoring and reporting costs, while improving transparency in the use of proceeds and market integrity.
A License To Issue Anywhere
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Author : Svetlana Vtyurina
language : en
Publisher: International Monetary Fund
Release Date : 2017-07-11
A License To Issue Anywhere written by Svetlana Vtyurina and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-07-11 with Business & Economics categories.
This paper overviews patterns in bond issuance in local and external markets by firms in six large Latin American countries. Data suggest that despite rising issuance, local markets remain small and shallow in several countries. Nevertheless, since greater funding is available to many firms in both markets, we investigate the factors that may explain the firm’s choice on where to issue a bond. Using an unbalanced panel of firm and market-level indicators for years 1995-2015, we control for variables representing several theories of capital structure, and the results show that firm characteristics such as size and liquidity increase the likelihood of firms to issue externally. With respect to market characteristics, the market completeness hypothesis generates the most support, where market scale and depth are most important for the issuer’s choice of the market, suggesting that local markets will have to become deeper to draw more firms and investment.
Emerging Capital Markets And Globalization
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Author : Augusto de la Torre
language : en
Publisher: World Bank Publications
Release Date : 2006-10-20
Emerging Capital Markets And Globalization written by Augusto de la Torre and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-10-20 with Business & Economics categories.
Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.
Latin American Local Capital Markets Challenges And Solutions
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Author : Mauro Miranda
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2018-06-15
Latin American Local Capital Markets Challenges And Solutions written by Mauro Miranda and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-15 with Business & Economics categories.
Capital markets, both for debt and equity securities, have allowed firms to secure funding for productive uses while providing investors with opportunities for portfolio diversification. The importance of capital markets for the development of economies and for the betterment of society cannot be overstated. This is just as true in emerging economies with free markets, such as those found in Latin America, as it is in developed markets. However, capital markets in the region are not being utilized to the fullest. The idea behind this collection of articles is to offer a primer on the development of local capital markets in several select countries in Latin America. We discuss not only their history and current status but also their future. To this end, seven authors contributed to this project, each writing about one of seven countries: Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay. Each author decided which issues they believe matter most to the progress of their local capital markets. Some authors chose a qualitative and institutional description of local markets, whereas others adopted a more quantitative approach.
Bond Markets For Latin American Debt In The 1990s
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Author : Inés Bustillo
language : en
Publisher: CEPAL/ECLAC
Release Date : 2000
Bond Markets For Latin American Debt In The 1990s written by Inés Bustillo and has been published by CEPAL/ECLAC this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Business & Economics categories.
This paper looks at the role of the Brady plan, which redefined Latin America's integration into the global economy during the 1990s, as well as the role of debt buybacks and swaps. The changes in the composition of sovereign debt throughout the decade and the behaviour of spreads are also analysed, including the influence of credit rating on Latin American bonds
Debt Financing Rollercoaster
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Author : Inés Bustillo
language : en
Publisher: UN
Release Date : 2013
Debt Financing Rollercoaster written by Inés Bustillo and has been published by UN this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with Bond market categories.
This publication examines how external debt financing has evolved in the past three decades (1982-2012). It looks back 30 years and analyses the Latin American and Caribbean region's trajectory from the unique perspective of access to international financial markets. As the title implies, this trajectory has been a rollercoaster ride, with many ups and downs, and moments of anticipation and panic. The developments of the past three decades as described in this book suggest that more widespread and cheaper access to international capital markets can play a role in the long process of achieving sustainable growth with equality, by broadening the options for financing investment and social initiatives. Despite the lessons learned and the progress over this period, many challenges remain. Structural change should be at the heart of a long-term growth process to make equality a reality.
Financial Linkages Between The U S And Latin America
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Author : Roberto Benelli
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2007-11-01
Financial Linkages Between The U S And Latin America written by Roberto Benelli and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
Motivated by recent bursts of global financial market turbulence, this paper investigates the linkages between the financial markets in the United States and those of the seven largest Latin American economies, focusing on the impact of shocks originating in the U.S. stock, bond, and currency markets. After documenting that cross-country linkages were different in "tranquil" and "turbulent" times within our sample, we find that: (i) for stock markets, recent episodes of market turbulence stood out from preceding ones as they showed an increased sensitivity of Latin American markets to U.S. shocks, reversing a trend of weakening linkages; (ii) currency markets in Latin America exhibited a decrease in cross-market linkages with the U.S. during the last episodes of volatility, consistent with increased exchange rate flexibility in the region; and (iii) the external bond markets in Latin America remained on a trend of weakening linkages with U.S. corporate bonds, while they increased their sensitivity to movements in other emerging market bond markets.
Focus On Capital
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Author : Kenroy Dowers
language : en
Publisher: IDB
Release Date : 2003
Focus On Capital written by Kenroy Dowers and has been published by IDB this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Business & Economics categories.
Local capital market development responds to the need to reduce the risk of financial crises that result from an excessive reliance on external borrowing -- for example, to avoid foreign exchange risk, reduce contagion, and decrease short-term external borrowing. In fact, as financial crises dwarf the role of financial intermediation, the problems of asymmetric information become even more severe, leading to greater public mistrust of financial institutions. The contributors in Focus on Capital tackle various aspects of developing Latin American capital markets. Macroeconomic and structural policies, accounting practices and standards, bond market development, market infrastructure, derivatives markets, corporate governance, ethics, human capital, and regional integration all play a role. One of the shortcomings of many strategies for capital market development -- more important than getting the sequencing wrong -- is failing to understand the links between the various components and the need for an overall strategy as well as plans for each component. Focus on Capital analyzes the status of the markets in Latin America and identifies the technical, political, and financial challenges to building vibrant capital markets and increasing the efficiency benefits of regional economic and financial integration.
Bond Valuation In Emerging Markets
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Author : Valentin Ulrici
language : en
Publisher: Josef Eul Verlag GmbH
Release Date : 2007
Bond Valuation In Emerging Markets written by Valentin Ulrici and has been published by Josef Eul Verlag GmbH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Bond market categories.