EconStor >
Zentrum für Europäische Wirtschaftsforschung (ZEW), Mannheim >
ZEW Discussion Papers >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/24072
  
Title:GPD-linked Bonds as a Financing Tool for Developing Countries and Emerging Markets PDF Logo
Authors:Schröder, Michael
Heinemann, Friedrich
Kruse, Susanne
Meitner, Matthias
Issue Date:2004
Series/Report no.:ZEW Discussion Papers 04-64
Abstract:The paper examines the applicability of GDP-linked bonds for the financing of developing countries and emerging markets. GDP-linked bonds are bonds of which the coupon and/or redemption payments are tied to the GDP of the issuing country. The study encompasses a detailed empirical analysis of their pricing behaviour, the pricing sensitivities to changes in GDP, and of their behaviour in a portfolio context is conducted. A survey amongst potential investors as well as issuing-side capital market participants assesses the prospects of success of this new type of bond. Finally, the usefulness of a partial public guarantee of payments is examined. The paper provides evidence under which circumstances, for which investors and for which countries GDP-linked bonds might be an appropriate investment vehicle.
Subjects:GDP-linked bonds
bonds
development finance
public finance
JEL:G18
H81
O19
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des ZEW
ZEW Discussion Papers

Files in This Item:
File Description SizeFormat
dp0464.pdf508.96 kBAdobe PDF
No. of Downloads: Counter Stats
Download bibliographical data as: BibTeX
Share on:http://hdl.handle.net/10419/24072

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.