International Capital Markets, August 2001

By Donald J Mathieson, Garry J. Schinasi

August 22, 2001

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Format: Chicago

Donald J Mathieson, and Garry J. Schinasi International Capital Markets, August 2001, (USA: International Monetary Fund, 2001) accessed September 20, 2024

Summary

This paper reports the on-off nature of emerging market access to international capital markets appears to have become a key characteristic of international financial markets. Emerging market borrowers have begun to adapt: when the market for US dollar-denominated bonds has closed, these borrowers turn to the syndicated loan markets, attempt to issue in bonds denominated in euro or yen, or issue in local-currency bond markets. In addition, they employ staff with extensive experience in investment banking and securities trading, exploit “windows of opportunity” to prefund their yearly financing requirement, and engage in debt exchanges to extend the maturity of their debt and avoid a bunching of maturities. The consolidation of financial institutions is driven by attempts to exploit economies of scale and scope, and technological advances such as the Internet and deregulation that facilitate universal banking activities are making it easier to reap such economies. Advances in technology are also transforming the securities trading industry.

Subject: Banking, Emerging and frontier financial markets, Financial institutions, Financial markets, Government securities, Securities, Securities markets, Stock markets

Keywords: Asia and Pacific, Asset, Bank, Emerging and frontier financial markets, Europe, Global, Government securities, Government securities, Government securities market, Market, Market discipline, Market illiquidity, Market participant, Middle East, Securities, Securities markets, Stock markets, WEFS, Western Hemisphere, Yield

Publication Details

Pages:

244
Volume:

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DOI:

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Issue:

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Series:

World Economic and Financial Surveys No. 2001/004
Stock No:

WEOEA0062001
ISBN:

9781589060562
ISSN:

0258-7440

Notes

This title ceased publication in August 2001. Both the Report and the Emerging Market Financing quarterly (published 2000-2001) have been replaced by a new quarterly, The Global Financial Stability Report. The new report was created to provide timely and comprehensive coverage of both mature and emerging financial markets as part of the IMF's stepped up tracking of financial markets.

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