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

Marc Flandreau, Juan Flores Zendejas, Norbert Gaillard and Sebastián Nieto-Parra ()

No 15128, NBER Working Papers from National Bureau of Economic Research, Inc

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.

JEL-codes: F34 G14 G15 N00 (search for similar items in EconPapers)
Date: 2009-07
New Economics Papers: this item is included in nep-his
Note: IFM
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Citations: View citations in EconPapers (28)

Published as Marc Flandreau & Juan H. Flores & Norbert Gaillard & Sebasti�n Nieto‐Parra, 2010. "The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815â2007," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 6(1), pages 53 - 92.
Published as The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815–2007 , Marc Flandreau, Juan H. Flores, Norbert Gaillard, Sebastián Nieto-Parra. in NBER International Seminar on Macroeconomics 2009 , Reichlin and West. 2010

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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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