tailieunhanh - Tiểu luận "Thị trường trái phiếu quốc tế"

Thị trường trái phiếu quốc tế - một thị trường của các trái phiếu tiền tệ nước ngoài được phát hành và giao dịch xuyên biên giới - đã đóng một vai trò quan trong quá trình quốc tế hóa thị trường vốn đã bắt đầu diễn ra từ năm 1980. Suốt những năm 1980s, phần đóng góp của khu vực quốc tế trong tổng số nợ danh nghĩa của những thị trường trái phiếu lớn đã tăng từ 4% lên 11%. (xem Graph 1). | The second question posed above, concerning the restrictions placed by central banks on the issuance of bonds denominated in their own currencies, can be answered by considering the balance of benefits and costs arising from liberalization. The principal benefit which accrues from a liberal approach – such as the approach adopted by the US authorities for many years in respect of the Euro – dollar bond market – is the flow of issuance business through domestic financial institutions. Set against this are several distinct costs. Increased competition from other bond issuer raises the interest rate required by holders of government debt and this may be unacceptable to a government with a heavy debt financing burden; this is probably the main reason why the Italian (until recently) and Belgian Governments limited the issuance of Euro – bonds denominated in their own currencies. Another cost is the loss of influence over exchange rate determination. The seriousness of this loss depends on the overall exchange rate regime, and in e regime without exchange controls the loss is probably rather small. Thus, the restrictions currently placed on international peseta bond issues, which appear to be primarily motivated by exchange rate.