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|z 9781451859386
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|a 1018-5941
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|a Grigorian, David.
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|a On the Determinants of First-Time Sovereign Bond Issues /
|c David Grigorian.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2003.
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|a 1 online resource (24 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|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.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 2003/184
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2003/184/001.2003.issue-184-en.xml
|z IMF e-Library
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