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Bond Markets In Latin America
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Book Synopsis Bond Markets in Latin America by : Eduardo Borensztein
Download or read book Bond Markets in Latin America written by Eduardo Borensztein and published by MIT Press. This book was released on 2008 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis A License to Issue (Anywhere) by : Svetlana Vtyurina
Download or read book A License to Issue (Anywhere) written by Svetlana Vtyurina and published by International Monetary Fund. This book was released on 2017-07-11 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Transforming Green Bond Markets by : Juan Antonio Ketterer
Download or read book Transforming Green Bond Markets written by Juan Antonio Ketterer and published by Inter-American Development Bank. This book was released on 2019-09-27 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Latin American Local Capital Markets: Challenges and Solutions by : Mauro Miranda
Download or read book Latin American Local Capital Markets: Challenges and Solutions written by Mauro Miranda and published by CFA Institute Research Foundation. This book was released on 2018-06-15 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Emerging Capital Markets and Globalization by : Augusto de la Torre
Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Bond Markets for Latin American Debt in the 1990s by : Inés Bustillo
Download or read book Bond Markets for Latin American Debt in the 1990s written by Inés Bustillo and published by CEPAL/ECLAC. This book was released on 2000 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Book Synopsis Financial Linkages Between the U.S. and Latin America by : Roberto Benelli
Download or read book Financial Linkages Between the U.S. and Latin America written by Roberto Benelli and published by INTERNATIONAL MONETARY FUND. This book was released on 2007-11-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Debt Financing Rollercoaster by : Inés Bustillo
Download or read book Debt Financing Rollercoaster written by Inés Bustillo and published by UN. This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Focus on Capital written by Kenroy Dowers and published by IDB. This book was released on 2003 with total page 572 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financing for the Post-pandemic Recovery: Developing Domestic Sovereign Debt Markets in Central America by : Jean François Clevy
Download or read book Financing for the Post-pandemic Recovery: Developing Domestic Sovereign Debt Markets in Central America written by Jean François Clevy and published by International Monetary Fund. This book was released on 2021-12-03 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pandemic has urged countries around the globe to mobilize financing to support the recovery. This is even more relevant in Central America, where the policy response to cushion the pandemic’s economic and social impact has accentuated pre-existing debt vulnerabilities. This paper documents the potential for local currency bond markets to diversify and expand financing for the recovery, lowering bond yields, funding volatility, and exposure to global shocks. The paper further identifies priority actions, both national and regional, to support market development.
Book Synopsis Bond Valuation in Emerging Markets by : Valentin Ulrici
Download or read book Bond Valuation in Emerging Markets written by Valentin Ulrici and published by Josef Eul Verlag GmbH. This book was released on 2007 with total page 246 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Investing in Latin America by : Michael Molinski
Download or read book Investing in Latin America written by Michael Molinski and published by Bloomberg Press. This book was released on 1999-07-01 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: An analysis of Latin America's growth potential reveals where to find the best investments, where specific economies are headed, and how to best use Brady Bonds and derivatives to exploit the market
Book Synopsis Finance for Development by : Barbara Stallings
Download or read book Finance for Development written by Barbara Stallings and published by Rowman & Littlefield. This book was released on 2006-03-08 with total page 332 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Economic Commission for Latin America and the Caribbean (ECLAC) publication Access to finance is critical in setting the course for development in emerging market economies. In this innovative study, which provides the first book-length analysis of the Latin American financial sector, Barbara Stallings and Rogerio Studart examine the dramatic changes resulting from financial liberalization in the region. The authors begin by discussing the critical transformations taking place in Latin America since 1990—a period marked by acceleration toward a new open, market-oriented development model, and away from a semi-closed model relying heavily on the state. Stallings and Studart examine changes in ownership of the financial sector and government regulation of banking, evaluate the role of capital markets as a source of finance, and compare Latin America's financial sector to that of East Asia. The second section of the book features case studies that demonstrate the changes occurring in Chile, Mexico, and Brazil with particular reference to finance for investment and access to credit. The authors conclude with a set of policy recommendations aimed at strengthening Latin American banks and capital markets so that they can play a greater role in supporting economic development.
Book Synopsis Capital Movements and Corporate Dominance in Latin America by : Noemi Levy-Orlik
Download or read book Capital Movements and Corporate Dominance in Latin America written by Noemi Levy-Orlik and published by Edward Elgar Publishing. This book was released on 2021-06-25 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book addresses the problems of Latin America, through two of the most important features of the post-Bretton Woods economic order, large corporations and weak financial markets. In turn, it shows that their impact on economic growth and development is feeble and short-lived. This resulted in income concentration and an extremely unequal distribution of wealth in the region.
Book Synopsis The Future of China's Bond Market by : Mr. Alfred Schipke
Download or read book The Future of China's Bond Market written by Mr. Alfred Schipke and published by International Monetary Fund. This book was released on 2019-03-13 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.
Author :Antonín Basch Publisher :New York : Published for the Inter-American Development Bank [by] Praeger ISBN 13 : Total Pages :192 pages Book Rating :4.A/5 ( download)
Book Synopsis Capital Markets in Latin America by : Antonín Basch
Download or read book Capital Markets in Latin America written by Antonín Basch and published by New York : Published for the Inter-American Development Bank [by] Praeger. This book was released on 1970 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comparison of the process of savings and investment in Latin American countries - examines the various types of financial aspects institutions (incl. Banks, stock exchanges, etc.) operating in the capital market, private sector financing and public finance, indicates some conditons that favour a more effective functioning of the capital markets in latin america, and includes 6 country reports (Argentina, Brazil, Colombia, Mexico, Peru and Venezuela). Bibliography pp. 159 to 163 and statistical tables.
Book Synopsis Regional Integration in Europe and Latin America by : Pierre van der Haegen
Download or read book Regional Integration in Europe and Latin America written by Pierre van der Haegen and published by Routledge. This book was released on 2019-10-28 with total page 561 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 2004. This comprehensive collection provides an innovative analysis and a comparison between economic and financial integration in Europe and Latin America, addressed from a global, regional and country-specific perspective. It constitutes a valuable overview focusing on three topics: regional integration and monetary cooperation in Europe and Latin America, exchange rate strategies and financial sector structure. The collection is the outcome of a Workshop and high-level Seminar organized by the Banco de España and the European Central Bank that brought together senior European and Latin American central bankers, as well as senior representatives from international institutions. The 31 contributors presented high quality papers, allowing the reader to take advantage of a rigorous economic analysis that uses first-hand information and draws useful lessons for the future.
