Global Financial Stability Report: Market Developments and by International Monetary Fund

By International Monetary Fund

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Extra info for Global Financial Stability Report: Market Developments and Issues (World Economic & Financial Surveys) September 2002

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A large majority of the international bonds issued by emerging market sovereigns in the first seven months of 2002 did not include collective action clauses. About 73 percent of bonds issued, representing 81 percent of total value, were governed by New York law, under which market practice does not normally include collective action clauses in bond covenants. In 2001, 37 percent of new sovereign issues (33 percent of value) were governed by English or Japanese law, which typically includes collective action clauses.

S. markets. It was also reflected in financing transactions such as stock swaps. S. dollar securities for transac- tion purposes, and (for monetary authorities) to establish a cushion of dollar reserves to manage exchange rates. S. 11 These activities reflected the dollar’s role in 11Eichengreen and Mathieson (2000) find that trade and financial flows significantly influence the currency composition of official reserves. 7 ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...

4. S. S. S. S. 1 Flow of Funds, Table L, June 6, 2002; and Bureau of Public Debt, Monthly Statement of the Public Debt of the United States. 1Amounts outstanding of marketable Treasury securities are from the Bureau of Public Debt, Monthly Statement of the Public Debt of the United States. 1, Flow of Funds. S. S. S. S. dollar interest rates. These risks nonetheless warrant consideration, for three reasons. First, financial market shocks are more easily transmitted between global financial centers and institutions than in years past, reflecting portfolio rebalancing by large complex financial institutions that hold positions and intermediate flows in a variety of markets and countries (the “common ownership” channel of transmission).

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