The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815–2007

Marc Flandreau, Juan H. Flores, Norbert Gaillard and Sebastián Nieto-Parra ()
Authors registered in the RePEc Author Service: Juan Huitzilihuitl Flores Zendejas

No 10-017.RS, Working Papers CEB from ULB -- Universite Libre de Bruxelles

Abstract: 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 transformation in the recent period, and we interpret this as resulting from the rise of liability insurance provided by rating agencies. Underwriters have given up their former role as gatekeepers of liquidity and certification agencies to become aggressive competitors in a new Speculative Grade market.

Keywords: certification; primary bond market; sovereign debt crises; banks competition (search for similar items in EconPapers)
JEL-codes: F34 G14 G24 (search for similar items in EconPapers)
Pages: 47 p.
Date: 2009
New Economics Papers: this item is included in nep-ban, nep-fmk and nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Chapter: The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815–2007 (2010)
Journal Article: The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007 (2010)
Working Paper: The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007 (2009)
Working Paper: The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007 (2009)
Working Paper: The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007 (2009)
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