By Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, Ugo Panizza
The 1st accomplished exam of the significance of neighborhood bond industry improvement in Latin the USA, with conceptual and comparative tests, case experiences of six international locations, and new, distinct facts units.
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Extra info for Bond Markets in Latin America: On the Verge of a Big Bang?
28 Borensztein, Cowan, Eichengreen, and Panizza Cowan, Kevin, Eduardo Levy-Yeyati, Ugo Panizza, and Federico Sturzenegger (2006). ’’ Working Paper No. 577, Research Department, InterAmerican Development Bank. De la Torre, Augusto, and Sergio Schmukler (2004). Whither Latin American Capital Markets? : World Bank. Eichengreen, Barry, Eduardo Borensztein, and Ugo Panizza (2006). ’’ Hong Kong Institute for Monetary Research, Occasional Papers No. 3. Eichengreen, Barry, and Pipat Luengnaruemitchai (2004).
To see how securitization ﬁts in with other ﬁnancial alternatives such as unsecuritized bank loans and bond issues, it is useful to start with the observation that securitization actually involves duplication of transactions costs. Indeed, to produce a one dollar CDO, a bank must ﬁrst incur an intermediation cost by extending a loan to a ﬁrm. In order to securitize that loan, the bank must incur again issuing costs that are comparable to bond issuing costs. Given this duplication in costs, one might ask how this hybrid form of ﬁnancing could ever dominate both full (unsecuritized) bank lending and direct bond ﬁnancing?
Decoupling the Banking Sector and Public Finances As noted above, an important added beneﬁt of the existence of a bond market in an EME is that it shields bond-ﬁnanced ﬁrms from government debt default crises. In addition, by shifting government debt away from banks and into the hands of bond holders, the creation of a bond market also makes possible the decoupling of banking from public ﬁnances. Namely, funding of the Treasury through the bond market makes possible the removal of government debt from the balance sheet of banks and thus reduces the exposure of banks to government debt default crises.