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...

Remittance flows are an important source of financing for developing countries. In addition to the microeconomic impact at the household level, remittances have grown into an important pillar of macroeconomic stability, reducing volatility of external flows, lessening the probability of current...

The paper addresses two core questions: do investment banks' recommendations have an impact on the allocation of portfolio flows in the emerging-markets asset class? Above all, are these recommendations related to the business of investment banks? In order to answer these questions, we...

In order to analyze the impact of the new banking capital regulation (Basel II) on the business cycle in an emerging economy, I develop a duopoly model composed of domestic and foreign banks. The principal results are: by the conduct of new banking capital regulation, the assessment of credit...

This paper focuses on the interactions between the political cycle and capital markets in emerging economies, examining the way in which Wall Street strategists react to major Latin American political events, specifically presidential elections. For this purpose we construct a database of all...

Les recommandations des banques d’investissement concernant les emprunts publics des pays émergents tendent à devenir particulièrement défavorables à l’approche d’une élection. Cette aversion est en fait davantage liée à l’incertitude que génère l’évènement qu’à la...

Are the financial markets politically correct? In other words, do they have preferences when it comes to political regimes or partisans? This issue has often been explored with regard to foreign direct investment (FDI) or public development aid, but rarely in relation to portfolio flows in...

Les emprunts obligataires ont supplanté les emprunts bancaires et autres sources de capitaux tels que l’aide au développement, par exemple, comme première source de financement pour les marchés émergents.