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The Journal of Structured Finance

The Journal of Structured Finance

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Primary Article

Sovereign Securitization in Emerging Markets

Andreas A. Jobst
The Journal of Structured Finance Fall 2006, 12 (3) 68-79; DOI: https://doi.org/10.3905/jsf.2006.661448
Andreas A. Jobst
An economist at the Monetary and Capital Markets Department (MCM) of the International Monetary Fund in Washington, DC.
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Abstract

Over many years, securitization has proven to be an expedient and highly flexible refinancing tool for corporations and public-sector entities that seek a more accurate capital-market based valuation of asset performance. After successful securitization by public-sector entities in advanced countries, sovereigns in emerging economies are also becoming adept at securitization as an efficient means of asset-liability management. This article critically surveys the recent developments of sovereign securitization in emerging markets and informs a more specific debate about the attendant infrastructural, legal, and regulatory challenges. Amid higher risk premia in a changing interest rate cycle, the current trend of greater investor differentiation in emerging markets creates a benign environment for sovereign securitization to accommodate continued demand for highly rated debt by institutional investors.

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The Journal of Structured Finance
Vol. 12, Issue 3
Fall 2006
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Sovereign Securitization in Emerging Markets
Andreas A. Jobst
The Journal of Structured Finance Oct 2006, 12 (3) 68-79; DOI: 10.3905/jsf.2006.661448

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Sovereign Securitization in Emerging Markets
Andreas A. Jobst
The Journal of Structured Finance Oct 2006, 12 (3) 68-79; DOI: 10.3905/jsf.2006.661448
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