27 rue Saint Guillaume
75007 Paris, France
Institutional Affiliation: Sciences Po.
NBER Working Papers and Publications
|June 2010||The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007|
with , ,
in NBER International Seminar on Macroeconomics 2009, Lucrezia Reichlin and Kenneth D. West, organizers
|July 2009||The End of Gatekeeping: Underwriters and the Quality of Sovereign Bond Markets, 1815-2007|
with , , : w15128
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.
Published: Marc Flandreau & Juan H. Flores & Norbert Gaillard & Sebastiï¿½n 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.