On The Determinants of First-Time Sovereign Bond Issues, Issues 2003-2184

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International Monetary Fund, Sep 1, 2003 - Business & Economics - 23 pages
In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially. For these countries, 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. Regression results based on this model offer some insights into peculiarities of first-time sovereign bond issues that could be used in policy deliberations.

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Contents

Introduction
3
HI Regression Results
13
Appendix Tables
19
Copyright

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