Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/77466
Authors: 
Flandreau, Marc
Flores, Juan H.
Gaillard, Norbert
Nieto-Parra, Sebastián
Year of Publication: 
2009
Series/Report no.: 
HEID Working Paper 04/2009
Abstract: 
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.
Subjects: 
certification
primary bond market
sovereign debt crises
banks competition
JEL: 
F34
G14
G24
N2
Document Type: 
Working Paper

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