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Financial stability implications of local currency bond markets: an overview of the risks

In: New financing trends in Latin America: a bumpy road towards stability

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  • Serge Jeanneau

    (Bank for International Settlements)

  • Camilo E Tovar

    (Bank for International Settlements)

Abstract

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Suggested Citation

  • Serge Jeanneau & Camilo E Tovar, 2008. "Financial stability implications of local currency bond markets: an overview of the risks," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 65-87, Bank for International Settlements.
    • Handle: RePEc:bis:bisbpc:36-05
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    File URL: http://www.bis.org/publ/bppdf/bispap36e.pdf
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    References listed on IDEAS

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    1. Devriese, Johan & Mitchell, Janet, 2006. "Liquidity risk in securities settlement," Journal of Banking & Finance, Elsevier, vol. 30(6), pages 1807-1834, June.
    2. Hoyt Bleakley & Kevin Cowan, 2008. "Corporate Dollar Debt and Depreciations: Much Ado About Nothing?," The Review of Economics and Statistics, MIT Press, vol. 90(4), pages 612-626, November.
    3. R. Valdes & L.O. Herrera, 2004. "Dedollarization, Indexation and Nominalization: the Chilean experience," Econometric Society 2004 Latin American Meetings 183, Econometric Society.
    4. Kevin Cowan & Erwin Hansen & Luis Oscar Herrera, 2005. "Currency Mismatches, Balance-Sheet Effects and Hedging in Chilean Non-Financial Corporations," Research Department Publications 4387, Inter-American Development Bank, Research Department.
    5. Camilo E Tovar, 2007. "Banks and the changing nature of risks in Latin America and the Caribbean," BIS Papers chapters, in: Bank for International Settlements (ed.), Evolving banking systems in Latin America and the Caribbean: challenges and implications for monetary policy and financial stability, volume 33, pages 17-32, Bank for International Settlements.
    6. Mr. Brad Setser & Mr. Ioannis Halikias & Mr. Alexander Pitt & Mr. Christoph B. Rosenberg & Mr. Brett E. House & Mr. Jens Nystedt & Mr. Christian Keller, 2005. "Debt-Related Vulnerabilities and Financial Crises," IMF Occasional Papers 2005/008, International Monetary Fund.
    7. Papademos, L D., 2007. "Monitoring hedge funds: a fi nancial stability perspective," Financial Stability Review, Banque de France, issue 10, pages 113-125, April.
    8. Juan Manuel Lima & Mr. Johannes Wiegand & Enrique Montes & Carlos Varela, 2006. "Sectoral Balance Sheet Mismatches and Macroeconomic Vulnerabilities in Colombia, 1996-2003," IMF Working Papers 2006/005, International Monetary Fund.
    9. Rodrigo Cifuentes & Jorge Desormeaux & Claudio González, 2002. "Capital markets in Chile: from financial repression to financial deepening," BIS Papers chapters, in: Bank for International Settlements (ed.), The development of bond markets in emerging economies, volume 11, pages 86-102, Bank for International Settlements.
    10. Bank for International Settlements, 2007. "Financial stability and local currency bond markets," CGFS Papers, Bank for International Settlements, number 28, december.
    11. Guadamillas, Mario & Keppler, Robert, 2001. "Securities clearance and settlement systems - a guide to best practices," Policy Research Working Paper Series 2581, The World Bank.
    12. Martinez, Lorenza & Werner, Alejandro, 2002. "The exchange rate regime and the currency composition of corporate debt: the Mexican experience," Journal of Development Economics, Elsevier, vol. 69(2), pages 315-334, December.
    13. Serge Jeanneau & Carlos Perez Verdia, 2005. "Reducing financial vulnerability: the development of the domestic government bond market in Mexico," BIS Quarterly Review, Bank for International Settlements, December.
    14. Rodrigo Cifuentes & Jorge Desormeaux & Claudio González, 2002. "Capital Markets in Chile: From Financial Repression to Financial Deepening," Economic Policy Papers Central Bank of Chile 04, Central Bank of Chile.
    15. Hernando Vargas H & Financial Stability Department, 2006. "Public Debt Market Risk: The Effects on the Financial System and on Monetary Policy - The Case of Colombia," BIS Papers chapters, in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 189-201, Bank for International Settlements.
    16. Michela Scatigna & Camilo E Tovar, 2007. "Securitisation in Latin America," BIS Quarterly Review, Bank for International Settlements, September.
    17. Morris Goldstein & Philip Turner, 2004. "Controlling Currency Mismatches in Emerging Markets," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 373, October.
    18. Ramon Moreno, 2006. "The changing nature of risks facing banks," BIS Papers chapters, in: Bank for International Settlements (ed.), The banking system in emerging economies: how much progress has been made?, volume 28, pages 67-98, Bank for International Settlements.
    19. André Amante & Márcio Araujo & Serge Jeanneau, 2007. "The search for liquidity in the Brazilian domestic government bond market," BIS Quarterly Review, Bank for International Settlements, June.
    20. Eduardo Walker, 2002. "The Chilean Experience in Completing Markets with Financial Indexation," Central Banking, Analysis, and Economic Policies Book Series, in: Fernando Lefort & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Serie (ed.),Indexation, Inflation and Monetary Policy, edition 1, volume 2, chapter 9, pages 259-294, Central Bank of Chile.
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    Cited by:

    1. Camilo E Tovar & Myriam Quispe-Agnoli, 2008. "New financing trends in Latin America," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 1-14, Bank for International Settlements.
    2. Karen Juliet Leiton Rodríguez & Juan Sebastián Rassa Robayo & Juan Sebastián Rojas Moreno, 2014. "Mercado de Deuda Corporativa en Colombia," Borradores de Economia 11921, Banco de la Republica.
    3. Karen Juliet Leiton Rodríguez & Juan Sebastián Rassa Robayo & Juan Sebastián Rojas Moreno, 2014. "Mercado de Deuda Corporativa en Colombia," Borradores de Economia 829, Banco de la Republica de Colombia.
    4. Alejandro Jara & Camilo Tovar, 2008. "Monetary and financial stability implications of capital flows in Latin America and the Caribbean," BIS Papers, Bank for International Settlements, number 43.
    5. Henri Audigé, 2014. "Net flows to emerging markets’ funds and the U.S. monetary policy after the subprime crisis," EconomiX Working Papers 2014-23, University of Paris Nanterre, EconomiX.
    6. Omar, Arti & Prasanna, P. Krishna, 2021. "Asymmetric effects of noise in Merton default risk model: Evidence from emerging Asia," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).

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