02207cas a2200253 a 4500 AALejournalIMF012524 230101c9999 xx r poo 0 0eng d 50.00 USD 9781589060562 0258-7440 BD-DhAAL BD-DhAAL Mathieson, Donald. International Capital Markets, August 2001 / Donald Mathieson, Garry Schinasi. Washington, D.C. : International Monetary Fund, 2001. 1 online resource (244 pages) World Economic and Financial Surveys <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper reports the on-off nature of emerging market access to international capital markets appears to have become a key characteristic of international financial markets. Emerging market borrowers have begun to adapt: when the market for US dollar-denominated bonds has closed, these borrowers turn to the syndicated loan markets, attempt to issue in bonds denominated in euro or yen, or issue in local-currency bond markets. In addition, they employ staff with extensive experience in investment banking and securities trading, exploit 'windows of opportunity' to prefund their yearly financing requirement, and engage in debt exchanges to extend the maturity of their debt and avoid a bunching of maturities. The consolidation of financial institutions is driven by attempts to exploit economies of scale and scope, and technological advances such as the Internet and deregulation that facilitate universal banking activities are making it easier to reap such economies. Advances in technology are also transforming the securities trading industry. Mode of access: Internet Schinasi, Garry. World Economic and Financial Surveys; World Economic and Financial Surveys ; No. 2001/004 Full text available on IMF http://elibrary.imf.org/view/books/083/03663-9781589060562-en/03663-9781589060562-en-book.xml IMF e-Library