| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15128 |
| 来源ID | Working Paper 15128 |
| The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007 | |
| Marc Flandreau; Juan H. Flores; Norbert Gaillard; Sebastián Nieto-Parra | |
| 发表日期 | 2009-07-09 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Financial Markets ; History |
| URL | https://www.nber.org/papers/w15128 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/572803 |
| 推荐引用方式 GB/T 7714 | Marc Flandreau,Juan H. Flores,Norbert Gaillard,et al. The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15128.pdf（287KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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