Bond Markets in Latin America On the Verge of a Big Bang 1st edition by Eduardo Borensztein, KevinCowan, Barry Eichengreen and Ugo Panizza ISBN 0262026325 ‎ 978-0262026321

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ISBN 10: 0262026325
ISBN 13: ‎ 978-0262026321
Author: Eduardo Borensztein,KevinCowan,Barry Eichengreen and Ugo Panizza

The first comprehensive examination of the importance of local bond market development in Latin America, with conceptual and comparative assessments, case studies of six countries, and new, unique data sets.

Developing local bond markets is high on the policy agenda of Latin America. Bond markets are an essential component of a well-functioning financial market. Facilitating the efforts of public and private borrowers to issue domestic-currency-denominated, long-term, fixed-rate bonds insulates them from the rollover and balance sheet risks that have been central elements in past financial crises. In addition, a robust bond market is a way for nonfinancial firms to retain their capacity to borrow when the banking system grows reluctant to lend. Latin American bond markets are growing, and may even approach a “big bang”-like surge, although significant challenges remain. This first comprehensive examination of the importance of local bond market development in Latin America provides conceptual and comparative assessments, case studies of six countries, surveys of firms and investors, and a cross-country economic analysis of the determinants of bond market development. The book’s case studies of Argentina, Brazil, Chile, Colombia, Mexico, and Uruguay, written by country experts, follow a common methodology, with each offering a history of that country’s bond market development, a comprehensive and unique data set on both private and public bond markets, surveys of firms and investors, and (in many chapters) firm-level analysis. A Web appendix makes available the unique data sets, including results of specially designed surveys of firms and investors participants, used in the book’s studies.

Contributors
Camila Aguilar, Patrick Bolton, Eduardo Borensztein, Matías Braun, Ignacio Briones, Mauricio Cárdenas, Andre L. Carvalhal da Silva, Sara G. Castellanos, Kevin Cowan, Julio de Brun, Barry Eichengreen, Roque B. Fernández, Xavier Freixas, Néstor Gandelman, Herman Kamil, Ricardo P. C. Leal, Lorenza Martínez, Marcela Meléndez, Ugo Panizza, Sergio Pernice, Arturo C. Porzecanski, Natalia Salazar, Jorge Streb

Bond Markets in Latin America: On the Verge of a Big Bang? 1st Table of contents:

Preface

• The Evolution of Bond Markets in Latin America
• Objectives of the Book: Understanding Key Trends and Potential

Chapter 1: Introduction to Bond Markets

• What Are Bond Markets and Why Do They Matter?
• The Role of Bonds in Global and Regional Economies
• Historical Context: Bond Markets in Latin America

Chapter 2: The Financial Landscape of Latin America

• Economic Overview: Key Markets and Trends
• The Role of Government Debt in Latin American Economies
• The Growth of Corporate Bond Markets in the Region
• Institutional Investors and Their Influence

Chapter 3: Key Drivers of Bond Market Growth

• Economic Reforms and Market Liberalization
• Inflation Targeting and Monetary Policy Frameworks
• Foreign Investment and Global Capital Flows
• The Role of International Rating Agencies

Chapter 4: The Structure of Latin American Bond Markets

• Government Bonds: Sovereign Debt and Fiscal Policy
• Corporate Bonds: Growth, Risks, and Opportunities
• Municipal Bonds: Financing Local Governments
• The Role of International Bonds in Regional Markets

Chapter 5: Emerging Trends and Innovations in Bond Markets

• The Rise of Green Bonds and Sustainable Financing
• The Impact of Digitalization and Technology on Bond Markets
• The Growing Role of Exchange-Traded Bonds and Index Funds
• Impact of ESG (Environmental, Social, Governance) Criteria on Bond Investments

Chapter 6: Challenges Facing Latin American Bond Markets

• Political Instability and Its Impact on Investor Confidence
• Inflationary Pressures and Currency Volatility
• Credit Rating Downgrades and Their Consequences
• Legal and Regulatory Barriers to Market Growth

Chapter 7: Bond Markets in Key Latin American Economies

• Brazil: The Largest Market and Its Unique Features
• Mexico: A Stable Bond Market with Room for Growth
• Argentina: Volatility and Potential in Sovereign Debt
• Chile, Colombia, and Peru: The Andean Region’s Bond Market Landscape

Chapter 8: The Impact of Global Events on Latin American Bond Markets

• The Aftermath of the Global Financial Crisis
• The Effect of US Federal Reserve Policy on Latin American Bonds
• The COVID-19 Pandemic and Economic Resilience in Latin America
• US-China Trade Tensions and Its Impact on Emerging Markets

Chapter 9: The Future of Latin American Bond Markets: On the Verge of a Big Bang?

• Potential for Growth: Can Latin America Become a Global Bond Hub?
• The Role of Sustainable Investment in Shaping the Future
• Regulatory and Structural Reforms: What Needs to Change?
• Key Risks and Opportunities for Investors

Chapter 10: Investment Strategies for Bond Markets in Latin America

• Understanding Risk and Return in Emerging Market Bonds
• Diversification: Building a Latin American Bond Portfolio
• Key Investment Vehicles: Sovereign, Corporate, and Municipal Bonds
• How to Evaluate Credit Risk and Sovereign Debt

Chapter 11: The Role of Latin American Bond Markets in Global Finance

• Integration with Global Financial Markets
• The Strategic Importance of Latin American Bonds to Global Investors
• Latin American Bonds in International Investment Portfolios
• Implications for Future Economic and Financial Stability in the Region

Chapter 12: Policy Recommendations for Strengthening Bond Markets

• Enhancing Market Liquidity and Transparency
• Developing Financial Infrastructure for Deeper Markets
• Fostering a Favorable Regulatory Environment
• Promoting Education and Research on Bond Markets

Conclusion

• Summary of Key Findings and Insights
• The Future Outlook for Bond Markets in Latin America
• Final Thoughts on the “Big Bang” and the Region’s Potential

Appendices

• A. List of Key Bond Issuers in Latin America
• B. Overview of Major Bond Market Indices for the Region
• C. Glossary of Bond Market Terminology
• D. Additional Resources and Further Reading

Index

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