On the Determinants of First-Time Sovereign Bond Issues

Topics:
Investment and Capital Markets
Tags:
Bond,
Emerging Market,
Finance,
Financial Services,
Financing,
IMF,
Investment
Source:
International Monetary Fund

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Overview: The paper reveals that capital market access meant a de facto acknowledgement of their policy successes and improvements in their creditworthiness that enabled them to graduate from the group of official financing recipients into a more advanced group of emerging market economies. The paper looks at the determinants of sovereign bond issuances and derives the relationship between internal and external factors and market access using a simple macro model. The market access condition is then translated into a simple rule that requires an excess demand for the sovereign bonds in question.

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Format: PDF | Size: 704KB | Date: Sep 2003 | Pages: 24

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