|
|
|
|
LEADER |
01654nmm a2200229 u 4500 |
001 |
EB000931939 |
003 |
EBX01000000000000000725535 |
005 |
00000000000000.0 |
007 |
cr||||||||||||||||||||| |
008 |
150128 ||| eng |
020 |
|
|
|a 9781451859386
|
100 |
1 |
|
|a Grigorian, David
|
245 |
0 |
0 |
|a On the Determinants of First-Time Sovereign Bond Issues
|c David Grigorian
|
260 |
|
|
|a Washington, D.C.
|b International Monetary Fund
|c 2003
|
300 |
|
|
|a 24 pages
|
041 |
0 |
7 |
|a eng
|2 ISO 639-2
|
989 |
|
|
|b IMF
|a International Monetary Fund
|
490 |
0 |
|
|a IMF Working Papers
|
028 |
5 |
0 |
|a 10.5089/9781451859386.001
|
856 |
4 |
0 |
|u http://elibrary.imf.org/view/journals/001/2003/184/001.2003.issue-184-en.xml
|x Verlag
|3 Volltext
|
082 |
0 |
|
|a 330
|
520 |
|
|
|a In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially. For these countries, capital market access meant a de facto acknowledgement of their policy successes and improvements in their creditworthiness that enabled them to graduate from the group of official financing recipients into a more advanced group of emerging market economies. The paper looks at the determinants of sovereign bond issuances and derives the relationship between internal and external factors and market access using a simple macro model. The market access condition is then translated into a simple rule that requires an excess demand for the sovereign bonds in question. Regression results based on this model offer some insights into peculiarities of first-time sovereign bond issues that could be used in policy deliberations
|