The Guide To Latin American Local Debt Markets

Author : Mauro Miranda
Publisher : CFA Institute Research Foundation
Page : 92 pages
File Size : 54,9 Mb
Release : 2018-06-15
Category : Business & Economics
ISBN : 9781944960490

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Latin American Local Capital Markets: Challenges and Solutions by Mauro Miranda Pdf

Capital markets, both for debt and equity securities, have allowed firms to secure funding for productive uses while providing investors with opportunities for portfolio diversification. The importance of capital markets for the development of economies and for the betterment of society cannot be overstated. This is just as true in emerging economies with free markets, such as those found in Latin America, as it is in developed markets. However, capital markets in the region are not being utilized to the fullest. The idea behind this collection of articles is to offer a primer on the development of local capital markets in several select countries in Latin America. We discuss not only their history and current status but also their future. To this end, seven authors contributed to this project, each writing about one of seven countries: Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Uruguay. Each author decided which issues they believe matter most to the progress of their local capital markets. Some authors chose a qualitative and institutional description of local markets, whereas others adopted a more quantitative approach.

Author : Eduardo Borensztein,Kevin Cowan,Ugo Panizza,Barry Eichengreen
Publisher : MIT Press
Page : 319 pages
File Size : 50,7 Mb
Release : 2008
Category : History
ISBN : 9780262026321

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Bond Markets in Latin America by Eduardo Borensztein,Kevin Cowan,Ugo Panizza,Barry Eichengreen Pdf

Developing local bond markets is high on the policy agenda of Latin America. This book's case studies of Argentina, Brazil Chile, Columbia, Mexico and Uruguay, written by country experts follow a common methodology, with each offering a history of that country's bond market development and data sets.

Author : Svetlana Vtyurina,Adrian Robles,Mr.Bennett W Sutton
Publisher : International Monetary Fund
Page : 30 pages
File Size : 46,7 Mb
Release : 2017-07-11
Category : Business & Economics
ISBN : 9781484305911

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A License to Issue (Anywhere) by Svetlana Vtyurina,Adrian Robles,Mr.Bennett W Sutton Pdf

This paper overviews patterns in bond issuance in local and external markets by firms in six large Latin American countries. Data suggest that despite rising issuance, local markets remain small and shallow in several countries. Nevertheless, since greater funding is available to many firms in both markets, we investigate the factors that may explain the firm’s choice on where to issue a bond. Using an unbalanced panel of firm and market-level indicators for years 1995-2015, we control for variables representing several theories of capital structure, and the results show that firm characteristics such as size and liquidity increase the likelihood of firms to issue externally. With respect to market characteristics, the market completeness hypothesis generates the most support, where market scale and depth are most important for the issuer’s choice of the market, suggesting that local markets will have to become deeper to draw more firms and investment.

Author : Inés Bustillo,Helvia Velloso
Publisher : Unknown
Page : 133 pages
File Size : 46,7 Mb
Release : 2013
Category : Bond market
ISBN : 9210560116

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Debt Financing Rollercoaster by Inés Bustillo,Helvia Velloso Pdf

This publication examines how external debt financing has evolved in the past three decades (1982-2012). It looks back 30 years and analyses the Latin American and Caribbean region's trajectory from the unique perspective of access to international financial markets. As the title implies, this trajectory has been a rollercoaster ride, with many ups and downs, and moments of anticipation and panic. The developments of the past three decades as described in this book suggest that more widespread and cheaper access to international capital markets can play a role in the long process of achieving sustainable growth with equality, by broadening the options for financing investment and social initiatives. Despite the lessons learned and the progress over this period, many challenges remain. Access to external debt financing is not universal and, despite increased resilience, vulnerability to external financial shocks can still be a threat. Moreover, the financial and economic advances of the past 30 years, and particularly of the past decade, have not brought about changes in the region's production structure. Structural change should be at the heart of a long-term growth process to make equality a reality.

Author : Augusto de la Torre,Sergio Schmukler
Publisher : World Bank Publications
Page : 228 pages
File Size : 42,7 Mb
Release : 2006-10-20
Category : Business & Economics
ISBN : 0821365444

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Emerging Capital Markets and Globalization by Augusto de la Torre,Sergio Schmukler Pdf

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 : OECD,Economic Commission for Latin America and the Caribbean,CAF Development Bank of Latin America,European Commission
Publisher : OECD Publishing
Page : 274 pages
File Size : 53,9 Mb
Release : 2021-12-02
Category : Electronic
ISBN : 9789264682313

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Latin American Economic Outlook 2021 Working Together for a Better Recovery by OECD,Economic Commission for Latin America and the Caribbean,CAF Development Bank of Latin America,European Commission Pdf

The Latin American Economic Outlook 2021: Working Together for a Better Recovery aims to analyse and provide policy recommendations for a strong, inclusive and environmentally sustainable recovery in the region. The report explores policy actions to improve social protection mechanisms and increase social inclusion, foster regional integration and strengthen industrial strategies, and rethink the social contract to restore trust and empower citizens at all stages of the policy‐making process.

Author : Dr. Jürgen Kaiser,Alain Lambert
Publisher : Iucn
Page : 76 pages
File Size : 46,8 Mb
Release : 1996
Category : Debt equity conversion
ISBN : MINN:31951D016287647

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Debt Swaps for Sustainable Development by Dr. Jürgen Kaiser,Alain Lambert Pdf

This publication is aimed at helping IUCN's members to understand the scope and mechanisms of debt conversion and to spot opportunities for their own action in this important field.

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 157 pages
File Size : 42,6 Mb
Release : 2021-03-12
Category : Business & Economics
ISBN : 9781513573922

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Guidance Note For Developing Government Local Currency Bond Markets by International Monetary Fund,World Bank Pdf

This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

Author : M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara
Publisher : World Bank Publications
Page : 403 pages
File Size : 46,8 Mb
Release : 2021-03-03
Category : Business & Economics
ISBN : 9781464815454

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Global Waves of Debt by M. Ayhan Kose,Peter Nagle,Franziska Ohnsorge,Naotaka Sugawara Pdf

The global economy has experienced four waves of rapid debt accumulation over the past 50 years. The first three debt waves ended with financial crises in many emerging market and developing economies. During the current wave, which started in 2010, the increase in debt in these economies has already been larger, faster, and broader-based than in the previous three waves. Current low interest rates mitigate some of the risks associated with high debt. However, emerging market and developing economies are also confronted by weak growth prospects, mounting vulnerabilities, and elevated global risks. A menu of policy options is available to reduce the likelihood that the current debt wave will end in crisis and, if crises do take place, will alleviate their impact.

Author : Anonim
Publisher : Unknown
Page : 26 pages
File Size : 44,9 Mb
Release : 2006
Category : Credit
ISBN : IND:30000107669446

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The ... Guide to Innovations in Latin American Credit by Anonim Pdf

Author : Sebastian Edwards
Publisher : World Bank Publications
Page : 380 pages
File Size : 53,9 Mb
Release : 1995
Category : Business & Economics
ISBN : 0195211057

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Crisis and Reform in Latin America by Sebastian Edwards Pdf

This work provides a thorough analytical review of the processes that led to the transformation of many Latin American economies during the last decade. The author examines every aspect of adjustment and reform since 1980 and suggests alternative ways to consolidate the achievements.

Author : Dirk Willer,Ram Bala Chandran,Kenneth Lam
Publisher : John Wiley & Sons
Page : 272 pages
File Size : 47,6 Mb
Release : 2020-09-02
Category : Business & Economics
ISBN : 9781119599050

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Trading Fixed Income and FX in Emerging Markets by Dirk Willer,Ram Bala Chandran,Kenneth Lam Pdf

A practitioner's guide to finding alpha in fixed income trading in emerging markets Emerging fixed income markets are both large and fast growing. China, currently the second largest economy in the world, is predicted to overtake the United States by 2030. Chinese fixed income markets are worth more than $11 trillion USD and are being added to global fixed income indices starting in 2019. Access for foreigners to the Indian fixed income market, valued at almost 1trn USD, is also becoming easier – a trend repeated in emerging markets around the world. The move to include large Emerging Market (EM) fixed income markets into non-EM benchmarks requires non-EM specialists to understand EM fixed income. Trading Fixed Income in Emerging Markets examines the principle drivers for EM fixed income investing. This timely guide suggests a more systematic approach to EM fixed income trading with a focus on practical trading rules on how to generate alpha, assisting EM practitioners to limit market-share losses to passive investment vehicles. The definitive text on trading EM fixed income, this book is heavily data-driven – every trading rule is thoroughly back-tested over the last 10+ years. Case studies help readers identify and benefit from market regularities, while discussions of the business cycle and typical EM events inform and optimise trading strategies. Topics include portfolio construction, how to apply ESG principles to EM and the future of EM investing in the realm of Big Data and machine learning. Written by practitioners for practitioners, this book: Provides effective, immediately-accessible tools Covers all three fixed income asset classes: EMFX, EM local rates and EM credit Thoroughly analyses the impact of the global macro cycle on EM investing Examines the influence of the financial rise of China and its fixed income markets Includes case studies of trades that illustrate how markets typically behave in certain situations The first book of its kind, Trading Fixed Income in Emerging Markets: A Practitioner’s Guide is an indispensable resource for EM fund managers, analysts and strategists, sell-side professionals in EM and non-EM specialists considering activity in emerging markets.

Author : Mr. Luc Laeven
Publisher : International Monetary Fund
Page : 25 pages
File Size : 49,6 Mb
Release : 2014-12-19
Category : Business & Economics
ISBN : 9781498372206

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The Development of Local Capital Markets: Rationale and Challenges by Mr. Luc Laeven Pdf

Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.

Author : Peter Stanyer
Publisher : John Wiley & Sons
Page : 223 pages
File Size : 48,9 Mb
Release : 2011-09-20
Category : Business & Economics
ISBN : 9781118163238

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Guide to Investment Strategy by Peter Stanyer Pdf

The first edition of The Economist Guide to Investment Strategy explained the fundamentals of investment risk, how to put together "keep-it-simple" investment strategies, and the need to guard against our own behavior leading to dreadful investment mistakes. The global crisis that erupted in 2008 exposed the flaws in many more complicated investment strategies. The second edition starts with a new section on financial fraud and how investors can help to protect themselves against this "hearty perennial." It also includes a new section on risk profiling and discusses the role of risk tolerance questionnaires. In Chapter 3 data are provided pointing to underperformance of equities between 1978 and 2008. Against this background, there is a new Chapter 4—"Which should we do: buy-and-hold or time markets?" Chapter 5, which discusses the design of short-term and long-term strategies, includes a new section—"How safe is cash?"—and the discussion of bond ladders is extended to reflect issues of bond selection in the light of corporate credit risk and the financial difficulties of some US municipal authorities. Part 2 has been updated extensively to reflect developments in the past four years and the impact of the financial crisis on credit instruments, hedge funds, private equity, and real estate. The book concludes with a new chapter on investing in art and collectibles. It explores the argument that art prices "float aimlessly," discusses financial investment in art, and provides some reasons for expecting that a portfolio of art might perform well in the future.

Author : International Monetary Fund,World Bank
Publisher : International Monetary Fund
Page : 39 pages
File Size : 44,9 Mb
Release : 2003-09-12
Category : Business & Economics
ISBN : 9781498328920

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Guidelines for Public Debt Management -- Amended by International Monetary Fund,World Bank Pdf

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