Bond Markets in Latin America: On the Verge of a Big Bang?

摘要

The term and maturity mismatches of government and corporate borrowers evidenced by the Asian and Russian crises of 1997-98 Jed many emerging economies to conclude that it was necessary to foster the development of domestic bond markets. These markets were not only seen as an option to provide long-term local currency financing to governments and corporations but also as a mean to improve the efficiency of capital allocation, reduce the impact of banking crises on the real economy, and provide important price signals for the conduction of monetary policy and private investments.