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

Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, and Ugo Panizza

Abstract

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 ... More

Keywords: bond markets, policy agenda, Latin America, financial market, private borrowers, fixed-rate bonds, rollover, balance sheet risks, financial crises, nonfinancial firms

Bibliographic Information

Print publication date: 2008 Print ISBN-13: 9780262026321
Published to MIT Press Scholarship Online: August 2013 DOI:10.7551/mitpress/9780262026321.001.0001

Authors

Affiliations are at time of print publication.

Eduardo Borensztein, editor

Kevin Cowan, editor

Barry Eichengreen, editor

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Contents

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1 Building Bond Markets in Latin America

Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, and Ugo Panizza

3 Development of the Mexican Bond Market

Sara G. Castellanos, and Lorenza Martinez

4 Corporate Bond Markets in Argentina

Roque B. Fernández, Sergio Pernice, and Jorge M. Streb

5 Development of Colombian Bond Markets

Camila Aguilar, Mauricio Cardenas, Marcela Melendez, and Natalia Salazar

6 Development of the Chilean Corporate Bond Market

Matías Braun, and Ignacio Briones

7 Development of the Brazilian Bond Market

Ricardo P. C. Leal, and Andre L. Carvalhal-da-Silva

8 The Fixed-Income Market in Uruguay

Julio de Brun, Nestor Gandelman, Herman Kamil, and Arturo C. Porzecanski

9 Prospects for Latin American Bond Markets: A Cross-Country View

Barry Eichengreen, Ugo Panizza, and Eduardo Borensztein