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 accomplished 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, certain info units.

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Under laissez-faire a corporate bond market can emerge only if the number and size of issuers is large enough so that the cost per issue is not out of proportion with the cost of obtaining financing from a bank. More precisely, the following key economic considerations determine whether a corporate bond market will be set up without any intervention and whether its creation is desirable: 1. As there is a major fixed-cost component to the creation of a bond market, there is a fundamental coordination problem involved in the creation of a bond market.

Thus, while bank-financed firms are fully exposed to the risk of bank runs, bond-financed firms are shielded from the direct effects of a financial crisis. When Is It Desirable to Create a Bond Market? Having outlined the basic building blocks of our analytical framework, we are now in a position to explore the general policy question of when and why it might be desirable to foster corporate bond financing in EMEs. Under laissez-faire a corporate bond market can emerge only if the number and size of issuers is large enough so that the cost per issue is not out of proportion with the cost of obtaining financing from a bank.

On the one hand, government bond markets have been growing substantially and are increasingly characterized by longer-term nominal instruments. Private bond markets, on the other hand, remain small—well below those of the industrial countries but also smaller than those of the emerging economies of East Asia. The second objective is to determine the factors behind the recent growth (or lack thereof) in the bond markets. On the positive side, macroeconomic stabilization and the privatization of pension systems have played an important role in the development of domestic bond markets.

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