𝔖 Bobbio Scriptorium
✦   LIBER   ✦

Pay high in good times, pay low in bad times

✍ Scribed by Michael Schröder; Friedrich Heinemann; Susanne Kruse; Matthias Meitner

Publisher
John Wiley and Sons
Year
2007
Tongue
English
Weight
161 KB
Volume
19
Category
Article
ISSN
0954-1748

No coin nor oath required. For personal study only.

✦ Synopsis

Abstract

The paper examines the applicability of GDP‐linked bonds for the financing of developing countries. These bonds are characterised by tying the coupon and/or redemption payments to the GDP of the issuing country. Along with an analysis of their pricing behaviour and of their behaviour in a portfolio context, the study also encompasses a survey amongst financial experts in order to assess the prospects of success of this type of bond. Finally, the usefulness of a partial public guarantee of payments is examined. The paper provides evidence under which circumstances, for which investors and for which countries, GDP‐linked bonds might be an appropriate investment vehicle. Copyright © 2007 John Wiley & Sons, Ltd.

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