TY - BOOK ID - 84542608 TI - On the Determinants of First-Time Sovereign Bond Issues PY - 2003 SN - 146235792X 1452713863 1282109499 9786613802385 1451904746 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Finance: General KW - Investments: Bonds KW - International Lending and Debt Problems KW - International Financial Markets KW - Economic Development: Financial Markets KW - Saving and Capital Investment KW - Corporate Finance and Governance KW - General Financial Markets: General (includes Measurement and Data) KW - Investment & securities KW - Finance KW - Sovereign bonds KW - Bonds KW - Emerging and frontier financial markets KW - Securities markets KW - International capital markets KW - Financial institutions KW - Financial markets KW - Capital market KW - Financial services industry KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:84542608 AB - In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially. For these countries, capital market access meant a de facto acknowledgement of their policy successes and improvements in their creditworthiness that enabled them to graduate from the group of official financing recipients into a more advanced group of emerging market economies. The paper looks at the determinants of sovereign bond issuances and derives the relationship between internal and external factors and market access using a simple macro model. The market access condition is then translated into a simple rule that requires an excess demand for the sovereign bonds in question. Regression results based on this model offer some insights into peculiarities of first-time sovereign bond issues that could be used in policy deliberations. ER -