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

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

(p.247) 9 Prospects for Latin American Bond Markets: A Cross-Country View
Bond Markets in Latin America

Barry Eichengreen

Ugo Panizza

Eduardo Borensztein

The MIT Press

This chapter documents the underdevelopment of Latin American financial markets, and Latin American corporate bond markets in particular. Statistical analysis shows that a limited number of observable policy variables and country characteristics explain eighty percent of the difference in private bond market capitalization between Latin America and the advanced economies. This same set of observable variables also explains seventy percent of the difference in the development of the financial institutions bond market and the entirety of the difference in the bonds of corporations between the two regions.

Keywords:   bond markets, domestic market capitalization, corporate debt

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