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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
HEID Working Paper No. 04/2009
Verlag: 
Graduate Institute of International and Development Studies, Geneva
Zusammenfassung: 
We provide a comparison of salient organizational features of primary markets for foreign government debt over the very long run. We focus on output, quality control, information provision, competition, pricing, charging and signaling. We find that the market set up experienced a radical transformation in the recent period and interpret this as resulting from the rise of liability insurance provided by rating agencies. Underwriters have given up their former role as gatekeepers of liquidity and certification agencies to become aggressive competitors in a new speculative grade market.
Schlagwörter: 
certification
primary bond market
sovereign debt crises
banks competition
JEL: 
F34
G14
G24
N2
Dokumentart: 
Working Paper

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