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Bond Markets in Latin AmericaOn the Verge of a Big Bang?$
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Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, and Ugo Panizza

Print publication date: 2008

Print ISBN-13: 9780262026321

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262026321.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 28 June 2022

Development of Colombian Bond Markets

Development of Colombian Bond Markets

(p.119) 5 Development of Colombian Bond Markets
Bond Markets in Latin America

Camila Aguilar

Mauricio Cardenas

Marcela Melendez

Natalia Salazar

The MIT Press

This chapter examines the determinants and consequences of the development of the Colombian corporate bond market. After a brief literature review, it presents an overview of the Colombian financial sector. The chapter then describes Colombian bond markets and introduces the databases upon which the study was constructed. The data is used to estimate models that explain the probability that a firm issues bonds (supply) as well as the probability that an institutional investor holds them (demand). Next, the chapter provides some empirical evidence to support the idea that having a larger bond market is desirable. The final section provides conclusions and policy recommendations.

Keywords:   Colombia, bond markets, corporate debt, financial sector, institutional investor

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