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The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007

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Author Info
Marc Flandreau
Juan H. Flores
Norbert Gaillard
Sebastián Nieto-Parra

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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 setup experienced a radical transformation in the recent period, and we 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.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15128.

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Date of creation: Jul 2009
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Handle: RePEc:nbr:nberwo:15128

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Find related papers by JEL classification:
F34 - International Economics - - International Finance - - - International Lending and Debt Problems
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
N00 - Economic History - - General - - - General

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This page was last updated on 2009-12-1.

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