Emerging Markets Debtan Analysis Of The Secondary Market

Author : Ross Buckley
Publisher : Kluwer Law International B.V.
ISBN 13 : 9041197168
Total Pages : 350 pages
Book Rating : 4.60/5 ( download)

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Download or read book Emerging Markets Debt:An Analysis of the Secondary Market written by Ross Buckley and published by Kluwer Law International B.V.. This book was released on 1999-06-22 with total page 350 pages. Available in PDF, EPUB and Kindle. Book excerpt: The emerging markets have attained prominence of late as the recent troubles in the principal emerging markets in Asia, Russia and Latin America have threatened global stability. This book is the first detailed study of emerging markets debt and offers a unique insight into one of the world's more significant, and less understood, financial markets. It offers a comprehensive analysis of the evolution of the market in emerging markets debt from 1983 to date. In the aftermath of the debt crisis of the 1980s the banking community discovered the first disposal technique for the sovereign debt of less developed countries andndash; a secondary market in that debt. This market played a major role in the history and amelioration of the debt crisis, the Mexican problems in the mid-1990s, and the recent Asian economic crisis. The market focus of this study is on the indebtedness of Latin American nations, which has formed the backbone of secondary market activity, and the recent developments in Asia. The regulatory focus is on U.S. banks and banking regulation. This book is essential reading for anyone involved with emerging markets debt: bankers, traders, investors, corporate and sovereign issuers, finance lawyers and banking regulators.

Author : Mr.Udaibir S. Das
Publisher : International Monetary Fund
ISBN 13 : 1451961944
Total Pages : 40 pages
Book Rating : 4.42/5 ( download)

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Download or read book Sovereign Default Risk and Private Sector Access to Capital in Emerging Markets written by Mr.Udaibir S. Das and published by International Monetary Fund. This book was released on 2010-01-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to international capital markets, in the form of external credit (loans and bond issuances) and equity issuances. The study first analyzes the impact of sovereign debt crises during the 1980s and 1990s. It goes on to examine the 1993 to 2007 period, using additional measures of sovereign risk-sovereign bond spreads and sovereign ratings-as explanatory variables. Overall, we find that sovereign default risk is a crucial determinant of private sector access to capital, be it external debt or equity. We also find that crisis resolution patterns matter and that defaults towards private creditors have stronger adverse consequences than defaults to official creditors.

Author : Anthony H. Aylward
Publisher : World Bank Publications
ISBN 13 : 9780821345221
Total Pages : 54 pages
Book Rating : 4.22/5 ( download)

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Download or read book Primary Securities Markets written by Anthony H. Aylward and published by World Bank Publications. This book was released on 1999-01-01 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: IFC Discussion Paper No. 39.During the period 1980-95, the level of activity increased dramatically for funds raised domestically via issues of debt and equity securities in public capital markets in 32 countries. There were also substantial differences in the level of activity across markets and countries. This paper examines aggregate domestic primary capital market activity in a cross section of countries, including 24 emerging markets. It defines exactly how important a role financial markets have played in raising capital for investment.In this pioneering work, the authors compile aggregate data on primary market activity for a recent period of time, which allows them to quantify the size of the markets and how they have evolved over time. Through their analysis, the authors document the rapidly increasing importance of primary capital markets in many developing countries, where, relative to GDP, these markets now source as much private capital as their developed country counterpart.

Author : Barry J. Eichengreen
Publisher :
ISBN 13 :
Total Pages : 152 pages
Book Rating : 4.35/5 ( download)

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Download or read book What Explains Changing Spreads on Emerging-market Debt written by Barry J. Eichengreen and published by . This book was released on 1998 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we analyze data on nearly 1,000 developing-country bonds issued in the years 1991-96 the recent episode of heavy reliance on bonded debt. We analyze both the issue decision of debtors and the pricing decision of investors, minimizing selectivity bias by treating the two issues jointly. Overall, the results confirm that higher credit quality translates into a higher probability of issue and a lower spread. Importantly, however, we find that observed changes in fundamentals explain only a fraction of the spread compression in the period leading up to the recent crisis in emerging markets.

Author :
Publisher :
ISBN 13 :
Total Pages : 14 pages
Book Rating : 4.41/5 ( download)

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Download or read book Emerging Markets Debt Report written by and published by . This book was released on 2000 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Cem Karacadag
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.51/5 ( download)

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Download or read book The Role of Subordinated Debt in Market Discipline written by Cem Karacadag and published by International Monetary Fund. This book was released on 2000 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Augusto de la Torre
Publisher : World Bank Publications
ISBN 13 : 0821365444
Total Pages : 232 pages
Book Rating : 4.41/5 ( download)

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Download or read book Emerging Capital Markets and Globalization written by Augusto de la Torre and published by World Bank Publications. This book was released on 2006-10-20 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt: Back in the early 1990s, economists and policy makers had high expectations about the prospects for domestic capital market development in emerging economies, particularly in Latin America. Unfortunately, they are now faced with disheartening results. Stock and bond markets remain illiquid and segmented. Debt is concentrated at the short end of the maturity spectrum and denominated in foreign currency, exposing countries to maturity and currency risk. Capital markets in Latin America look particularly underdeveloped when considering the many efforts undertaken to improve the macroeconomic environment and to reform the institutions believed to foster capital market development. The disappointing performance has made conventional policy recommendations questionable, at best. 'Emerging Capital Markets and Globalization' analyzes where we stand and where we are heading on capital market development. First, it takes stock of the state and evolution of Latin American capital markets and related reforms over time and relative to other countries. Second, it analyzes the factors related to the development of capital markets, with particular interest on measuring the impact of reforms. And third, in light of this analysis, it discusses the prospects for capital market development in Latin America and emerging economies and the implications for the reform agenda.

Author : J. Ram Pillarisetti
Publisher :
ISBN 13 : 9780730021094
Total Pages : 18 pages
Book Rating : 4.92/5 ( download)

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Download or read book Secondary Market Value of Debt and Debt-for-nature Swaps written by J. Ram Pillarisetti and published by . This book was released on 1994 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Author : Mr.Serkan Arslanalp
Publisher : International Monetary Fund
ISBN 13 : 1484326547
Total Pages : 50 pages
Book Rating : 4.41/5 ( download)

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Download or read book Tracking Global Demand for Emerging Market Sovereign Debt written by Mr.Serkan Arslanalp and published by International Monetary Fund. This book was released on 2014-03-05 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced economies (Arslanalp and Tsuda, 2012). The estimates are constructed on a quarterly basis from 2004 to mid-2013 and are available along with the paper in an online dataset. We estimate that about half a trillion dollars of foreign flows went into emerging market government debt during 2010–12, mostly coming from foreign asset managers. Foreign central bank holdings have risen as well, but remain concentrated in a few countries: Brazil, China, Indonesia, Poland, Malaysia, Mexico, and South Africa. We also find that foreign investor flows to emerging markets were less differentiated during 2010–12 against the background of near-zero interest rates in advanced economies. The paper extends some of the indicators proposed in our earlier paper to show how the investor base data can be used to assess countries’ sensitivity to external funding shocks and to track foreign investors’ exposures to different markets within a global benchmark portfolio.

Author : Severin Zörgiebel
Publisher : GRIN Verlag
ISBN 13 : 3640374797
Total Pages : 63 pages
Book Rating : 4.93/5 ( download)

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Download or read book Secondary Markets of Private Equity Investments written by Severin Zörgiebel and published by GRIN Verlag. This book was released on 2009-07-16 with total page 63 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2008 in the subject Business economics - Investment and Finance, grade: 1,0, University of Frankfurt (Main), language: English, abstract: Private equity is an asset class with one notorious problem: illiquidity. First,investments are made without an exit option prior the determined maturity and second it is nearly impossible to purchase an interest of an existing private equityfund. For the last few years these issues have been changing due to the development and the emergence of a secondary market in the field of private equity (PE) which opens new investment opportunities and “provides investors with liquidity in an extremely illiquid asset class.” The main market indicators are growth and maturity. Especially in the financial sector of secondary markets the development of these indicators should be named. The PE secondary market is in a very early state and far from institutionalized markets like stock exchanges. Heavy market imperfections are a problematic characteristic in this context. Buyers and sellers have to meet privately and negotiate an agreement. Holding an asset for such a long period like in PE can be very unnatural and difficult in a fast moving world in which the need for liquidity and changing regulations, economic situations or other issues emerge very quickly. In consequence, an efficient secondary market seems to be important and necessary to face these problems and give investors the ability to participate and unload assets when circumstances force them to do so. The PE secondary market is a relatively new phenomenon and is characterized by steady movement, change and development. Experts from market leading secondary funds and advisory services attest the PE secondary market an essential progress. The PE secondary market transforms from a market for unloading poor performing assets, to an instrument for providing chances in the way of an active portfolio management tool. This Bachelor Thesis, titled “Secondary Markets of Private Equity Investments – An Analysis” has the main target to give a prevailing and critical overview of this subject.