Emerging Markets Debt : An Analysis of the Secondary Market

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  • Format: Hardcover
  • Copyright: 1999-03-01
  • Publisher: Aspen Pub

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The emerging markets have attained prominence of late as the recent troubles in the principal emerging markets in Asia, Russia and Latin America have threatened global stability. This book is the first detailed study of emerging markets debt and offers a unique insight into one of the world's more significant, and less understood, financial markets. it offers a comprehensive analysis of the evolution of the market in emerging markets debt from 1983 to date. In the aftermath of the debt crisis of the 1980s the banking community discovered the first disposal technique For The sovereign debt of less developed countries a secondary market in that debt. This market played a major role in the history and amelioration of the debt crisis, The Mexican problems in the mid-1990s, And The recent Asian economic crisis. The market focus of this study is on the indebtedness of Latin American nations, which has formed the backbone of secondary market activity, And The recent developments in Asia. The regulatory focus is on U.S. banks and banking regulation. This book is essential reading for anyone involved with emerging markets debt: bankers, traders, investors, corporate and sovereign issuers, finance lawyers and banking regulators.

Table of Contents

Introductionp. 1
Background and Context of the Secondary Market
The Debt Crisisp. 5
The Rescheduling Yearsp. 29
The Evolution of the Market
Origins of the Market: 1982 to May 1985p. 47
The Early Years: May 1985 to May 1987p. 57
The Formative Years: May 1987 to March 1989p. 73
The Brady Era, Loans to Bonds: March 1989 to October 1991p. 101
The Developing Market: October 1991 to December 1993p. 133
The Maturing Market: January 1994 to December 1995p. 155
From Niche to Mainstream Market: January 1996 to Early 1998p. 181
Themes in the Evolution of the Market
The Impact of the Marketp. 215
The Law and Practice of Debt Tradingp. 235
The Characterisation of the Marketp. 248
Abuses of the Marketp. 259
Regulation of the Marketp. 279
Conclusionp. 299
Epilogue - Russia and Beyondp. 303
Appendixp. 305
Further Readingp. 307
Indexp. 311
Table of Contents provided by Blackwell. All Rights Reserved.

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