Bond Markets in Latin America: On the Verge of a Big Bang?

Overview

Developing local bond markets is high on the policy agenda of Latin America. Bond markets are an essential component of a well-functioning financial market. Facilitating the efforts of public and private borrowers to issue domestic-currency-denominated, long-term, fixed-rate bonds insulates them from the rollover and balance sheet risks that have been central elements in past financial crises. In addition, a robust bond market is a way for nonfinancial firms to retain their capacity to borrow when the banking ...

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Overview

Developing local bond markets is high on the policy agenda of Latin America. Bond markets are an essential component of a well-functioning financial market. Facilitating the efforts of public and private borrowers to issue domestic-currency-denominated, long-term, fixed-rate bonds insulates them from the rollover and balance sheet risks that have been central elements in past financial crises. In addition, a robust bond market is a way for nonfinancial firms to retain their capacity to borrow when the banking system grows reluctant to lend. Latin American bond markets are growing, and may even approach a "big bang"-like surge, although significant challenges remain. This first comprehensive examination of the importance of local bond market development inLatin America provides conceptual and comparative assessments, case studies of six countries,surveys of firms and investors, and a cross-country economic analysis of the determinants of bond market development. The book's case studies of Argentina, Brazil, Chile, Colombia, Mexico, andUruguay, written by country experts, follow a common methodology, with each offering a history of that country's bond market development, a comprehensive and unique data set on both private and public bond markets, surveys of firms and investors, and (in many chapters) firm-level analysis. AWeb appendix makes available the unique data sets, including results of specially designed surveys of firms and investors participants, used in the book's studies. Eduardo Borensztein is an Advisor,Research Department, at the International Monetary Fund. Kevin Cowan is a Senior Economist,Financial Stability Division, at the Central Bank of Chile. Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California,Berkeley, and the author of Global Imbalances and the Lessons of Bretton Woods (MIT Press, 2006) and other books. Ugo Panizza is Chief of the Debt and Finance Analysis Unit in the Division onGlobalization and Development Strategies at the United Nations Conference on Trade andDevelopment.ContributorsCamila Aguilar, Patrick Bolton, Eduardo Borensztein, Matías Braun, IgnacioBriones, Mauricio Cárdenas, Andre L. Carvalhal da Silva, Sara G. Castellanos, Kevin Cowan, Julio deBrun, Barry Eichengreen, Roque B. Fernández, Xavier Freixas, Néstor Gandelman, Herman Kamil, RicardoP. C. Leal, Lorenza Martínez, Marcela Meléndez, Ugo Panizza, Sergio Pernice, Arturo C. Porzecanski,Natalia Salazar, Jorge Streb

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What People Are Saying

Aldo Musacchio

"This book is a unique tool for understanding how private bond markets have evolved in Latin America after almost two decades of economic reforms. This compilation of essays by top-notch experts explains both the impressive developments of the fixed income markets of the region and the main obstacles they currently face. Given its detailed analysis and its coverage, this volume will become a reference book for academics, practitioners, and policy makers interested in the development of financial markets in emerging markets."--Aldo Musacchio, Harvard Business School

From the Publisher
"This book is a unique tool for understanding how private bond markets have evolved in Latin America after almost two decades of economic reforms. This compilation of essays by top-notch experts explains both the impressive developments of the fixed income markets of the region and the main obstacles they currently face. Given its detailed analysis and its coverage,this volume will become a reference book for academics, practitioners, and policy makers interested in the development of financial markets in emerging markets." Aldo Musacchio ,Harvard Business School
Aldo Musacchio
"This book is a unique tool for understanding how private bond markets have evolved in Latin America after almost two decades of economic reforms. This compilation of essays by top-notch experts explains both the impressive developments of the fixed income markets of the region and the main obstacles they currently face. Given its detailed analysis and its coverage,this volume will become a reference book for academics, practitioners, and policy makers interested in the development of financial markets in emerging markets."—Aldo Musacchio, Harvard BusinessSchool
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Product Details

  • ISBN-13: 9780262026321
  • Publisher: MIT Press
  • Publication date: 6/30/2008
  • Pages: 320
  • Product dimensions: 6.10 (w) x 9.10 (h) x 1.00 (d)

Meet the Author

Eduardo Borensztein is an Advisor, Research Department, at the International MonetaryFund.

Kevin Cowan is a Senior Economist, Financial Stability Division, at the Central Bank ofChile.

Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and PoliticalScience at the University of California, Berkeley. He is the author of Capital Flows andCrises (MIT Press, 2002) and other books.

Ugo Panizza is Chief of the Debt and Finance Analysis Unit in the Division on Globalization and Development Strategies at the United Nations Conference on Trade and Development.

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Table of Contents


Contributors     vii
Preface     ix
Building Bond Markets in Latin America   Eduardo Borensztein   Kevin Cowan   Barry Eichengreen   Ugo Panizza     1
How Can Emerging Market Economies Benefit from a Corporate Bond Market?   Patrick Bolton   Xavier Freixas     29
Development of the Mexican Bond Market   Sara G. Castellanos   Lorenza Martinez     51
Corporate Bond Markets in Argentina   Roque B. Fernandez   Sergio Pernice   Jorge M. Streb     89
Development of Colombian Bond Markets   Camila Aguilar   Mauricio Cardenas   Marcela Melendez   Natalia Salazar     119
Development of the Chilean Corporate Bond Market   Matias Braun   Ignacio Briones     151
Development of the Brazilian Bond Market   Ricardo P. C. Leal   Andre L. Carvalhal-da-Silva     185
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