The dollar debt of companies in Latin America: the warning signs

Iader Giraldo and Philip Turner

Low long-term interest rates in the dollar after the Global Financial Crisis (GFC) and failings in the regulatory oversight of international bond markets have led investors to take more and more risk in their search for higher yields. Non-financial corporations (NFCs) in Latin America have taken full advantage of such favorable conditions. One indicator of this is that the international bond debt of Latin American non-banks has, measured against exports, more than doubled in the past decade

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Regional impacts and responses to the COVID-19 crisis in Latin America, Europe, and Asia*

Carlos Giraldo and Iader Giraldo

The most significant health crisis of the last 100 years has had profound impacts throughout the different countries and regions of the world. Its effects have depended on the preconditions exhibited by the different territories, the force with which the pandemic occurred, and the responses of the economic and health authorities to counteract them.

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Abundant global liquidity: new risks for companies in FLAR+4* countries?

Iader Giraldo and Philip Turner

A decade of exceptionally low long-term interest rates, reinforced by renewed monetary policy easing in the advanced economies after the COVID-19 shock, has encouraged global investors to seek the higher yields offered by emerging market dollar bonds. And investors have been further enticed by the development of bond funds which offer the liquidity of a daily price even when the underlying securities are illiquid.

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