Hidden Bibliographic Details
| Other authors / contributors: | International Monetary Fund. International Capital Markets Department.
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| ISBN: | 1451904746
9781451904741
146235792X
9781462357925
1452713863
9781452713861
1282109499
9781282109490
9786613802385
6613802387
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| Notes: | Includes bibliographical references (page 23).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | 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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| Other form: | Print version: Grigorian, David A. On the determinants of first-time sovereign bond issues. Washington, D.C. : International Monetary Fund, ©2003
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| Standard no.: | 10.5089/9781451904741.001
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