Competition in the Underwriting Markets of Sovereign Debt: The Baring Crisis Revisited Articles uri icon

authors

  • FLORES ZENDEJAS, JUAN HUITZILIHUITL

publication date

  • December 2010

start page

  • 129

end page

  • 150

issue

  • 4

volume

  • 73

International Standard Serial Number (ISSN)

  • 0023-9186

abstract

  • Flores discusses the bargaining power of Argentina's federal government relative to that of the underwriting banks. It examines how the financial intermediaries' gatekeeping function eroded when faced with increased competition. Under normal circumstances, underwriters should have impeded Argentinean access to capital markets or at least hardened the terms under which Argentina could borrow.