GPD-linked Bonds as a Financing Tool for Developing Countries and Emerging Markets


Schröder, Michael ; Heinemann, Friedrich ; Kruse, Susanne ; Meitner, Matthias


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URL: http://ub-madoc.bib.uni-mannheim.de/915
URN: urn:nbn:de:bsz:180-madoc-9150
Document Type: Working paper
Year of publication: 2004
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Discussion Papers
Subject: 330 Economics
Classification: JEL: H81 G18 O19 ,
Subject headings (SWD): Entwicklungshilfe , Kapitalmarkt
Abstract: The paper examines the applicability of GDP-linked bonds for the financing of developing countries and emerging markets. GDP-linked bonds are bonds of which the coupon and/or redemption payments are tied to the GDP of the issuing country. The study encompasses a detailed empirical analysis of their pricing behaviour, the pricing sensitivities to changes in GDP, and of their behaviour in a portfolio context is conducted. A survey amongst potential investors as well as issuing-side capital market participants assesses the prospects of success of this new type of bond. Finally, the usefulness of a partial public guarantee of payments is examined. The paper provides evidence under which circumstances, for which investors and for which countries GDP-linked bonds might be an appropriate investment vehicle.
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Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.




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Schröder, Michael ; Heinemann, Friedrich ; Kruse, Susanne ; Meitner, Matthias (2004) GPD-linked Bonds as a Financing Tool for Developing Countries and Emerging Markets. Open Access [Working paper]
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