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Autoren: 
Schröder, Michael
Heinemann, Friedrich
Kruse, Susanne
Meitner, Matthias
Datum: 
2004
Reihe/Nr.: 
ZEW Discussion Papers 04-64
Zusammenfassung: 
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.
Schlagwörter: 
GDP-linked bonds
bonds
development finance
public finance
JEL: 
G18
H81
O19
Dokumentart: 
Working Paper

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