Analiza las diferentes modalidades bajo las cuales se están canalizando los recursos provenientes del mercado mundial de capitales hacia América Latina, para lo cual se examina sucesivamente el financiamiento a través de bonos, de instrumentos respaldados por ingresos de exportación, y de inversi...
Avaliação da evolução e dos determinantes da estrutura de capitais das empresas brasileiras de forma comparada, com particular ênfase no financiamento externo. Uma das principais conclusões é que os fatores intrínsecos ao país de origem são quase tão importantes quanto determinantes da estrutura ...
In the third quarter of 2003, investors continued to favor riskier assets buoyed by abundant global liquidity, low interest rates in mature markets, strong economic growth (with low inflation), and improving credit quality. Credit spreads in emerging and Latin American markets narrowed in respons...
In the fourth quarter of 2003, net capital flows to emerging markets accelerated sharply to reach a 3-year high of US$187 billion, a 50% increase from the US$124 billion reached in 2002. This increase is the result of the combination of abundant global liquidity, strong economic growth, and the i...
In the first quarter of 2004, bond flows remained strong as issuers rushed to take advantage of low borrowing costs. Emerging market issuance stood at US$24.4 billion, a 15% increase from the US$20.7 billion issued in the first quarter of 2003 and the highest quarterly supply in the last three y...
In the midst of broad global market turmoil and mounting fears of a recession in the U.S., emerging markets have shown strong growth and economic resilience. For the first time in recent history, the external meltdown has not sparked capital flight from Latin America. Quite the contrary, Latin Am...
Over the month of May there was a dramatic shift in the macroeconomic environment, with volatility and uncertainty increasing considerably. Financial markets moved to reflect substantial downside economic risks from the fiscal turmoil in the euro area. Concerns about contagion were reawakened and...
Concerns about the ongoing U.S crisis in the housing sector and the asset exposures to subprime mortgages dominated financial markets in the second and third quarters of 2007. Volatility spiked in July and August, with losses in the subprime mortgage sector spreading to other risky assets. The v...
Latin American markets had another good year in 2006. The liquidity environment remained supportive, credit quality continued to improve, and concerns that the heavy electoral calendar would increase volatility did not materialize. Latin America continued to reap the benefits from the commodities...
In the first quarter of 2007, Latin American spreads tightened to new lows and equity prices climbed further, despite a brief bout of market turbulence in late-February and early-March. The good macroeconomic performance of the countries of the region contributed to these favorable developments, ...
