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http://hdl.handle.net/10419/24072
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| Title: | | GPD-linked Bonds as a Financing Tool for Developing Countries and Emerging Markets  |
| 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
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