On the determinants of first-time sovereign bond issues /

On the determinants of first-time sovereign bond issues /

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Bibliographic Details
Author / Creator:	Grigorian, David A.
Imprint:	Washington, D.C. : International Monetary Fund, ©2003.
Description:	1 online resource (23 pages) : illustrations
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/03/184 IMF working paper ; WP/03/184.
Subject:	Government securities -- Developing countries -- Econometric models. Capital market -- Developing countries -- Econometric models. Loans -- Developing countries -- Econometric models. Capital market -- Econometric models. Government securities -- Econometric models. Loans -- Econometric models. Developing countries.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12497769

Hidden Bibliographic Details
Other authors / contributors:	International Monetary Fund. International Capital Markets Department.
ISBN:	1451904746 9781451904741 146235792X 9781462357925 1452713863 9781452713861 1282109499 9781282109490 9786613802385 6613802387
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.
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.
Other form:	Print version: Grigorian, David A. On the determinants of first-time sovereign bond issues. Washington, D.C. : International Monetary Fund, ©2003
Standard no.:	10.5089/9781451904741.001

Description
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.
Physical Description:	1 online resource (23 pages) : illustrations
Format:	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.
Bibliography:	Includes bibliographical references (page 23).
ISBN:	1451904746 9781451904741 146235792X 9781462357925 1452713863 9781452713861 1282109499 9781282109490 9786613802385 6613802387
ISSN:	2227-8885 ;