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1、CHAPTEREIGHTEENINTERNATIONALBONDMARKETSANDINSTRUMENTSCHRISTOPHERB.STEWARD,CFAVicePresidentWellingtonManagementCompany,LLPThecreationofglobalbondsandthedistributionofbondissuesovertheInternethaveincreasedtheglobalizationofthebondmarketinrecentyears;however,inter-nationalbondinvesting
2、ishardlyanewactivity.Cross-borderinvestmentsingov-ernmentbondswerecommonbeforetheFirstWorldWar.By1920,Moody’swasprovidingcreditratingsonsome50sovereignborrowers.However,mostoftheseforeigninvestmentsendedbadlyforU.S.investors.HyperinflationundertheGermanWeimarRepublicofthe1920srendere
3、dtheReichsmarkworthless.Similarly,duringthe1920s,U.S.investorssawtheirforeigninvestmentsdeclineinU.S.dollartermsby86%inFrance,70%inItaly,and50%inSpain.Intere-stingly,someofthecountriesthatavoidedsharpdevaluationsduringthisperiod(includingtheUnitedKingdom,Sweden,andsurprisingly,Argen
4、tina)havelostmuchoftheirvaluesincethecollapseoftheBrettonWoodssystemoffixedexchangeratesinthe1970s.Between1930and1970,capitalcontrolsanddomes-ticregulationssharplycurtailedcross-borderbondinvestment.Theoffshoremar-ketsandbanksledthewaytowardgreatercross-borderinvestmentflowsintheearly
5、1980s,promptinggovernmentstointroducedomesticmarketreformsliber-alizingcapitalflowsinmoney,bond,andequitymarkets.However,someforeignbondmarkets,suchasItaly’s,wereclosedtoforeigninvestorsuntil1990.1Anexplosionininternationalbondtradinghasoccurredoverthepast20years,drivenbyreductionsin
6、capitalcontrolsandspectaculartechnologicaladvancesinthedisseminationofinformationandincomputingpowertotrackportfoliosandforecastcapitalmarkettrends.AccordingtodatafromtheBankforInternationalSettlements,thenominalvalueofdevelopedglobaloutstandingdebthasincreasedthreefoldinthepast14ye
7、ars,from$15.5trillionin1989to$50.1trillionin2003.Bondsdenominatedin1.SeeMichaelMussaandMorrisGoldstein,“TheIntegrationofWorldCapitalMarkets,’’inChangingCapitalMarkets:ImplicationsforMonetaryPolicy(FederalReserveBankofKansas,1993)foramorecompletediscussion.393Copyright©2005,2001,1997
8、,1995,1991,1987,198
