Event

The Sir Arthur Lewis Institute of Social & Economic Studies invites you to a Research Seminar Presentation delivered by Antoinette Stewart, PhD Candidate, on The Bond Market in Trinidad and Tobago, on Tuesday 15^th December, 2009 at 11 am in the SALISES Conference Centre, UWI.

Abstract

The turmoil that followed the 1997–1998 Asian financial crisis created an awareness of the need for better diversified debt markets, specifically bond markets, to supplement the availability of bank finance.  In the aftermath of this crisis, many countries around the world, including the Asian Tigers, some Latin American countries, and even some African states conducted studies to understand the purpose, structure, and functioning of their bond markets.  However, there has been sparse research on the structure, functioning and possible development of the bond markets in the Caribbean, specifically the bond market of Trinidad and Tobago.   

This paper seeks to understand the underlying factors that stimulate activity in the Trinidad and Tobago bond market.  This will be done in two ways.  First a descriptive assessment of the size, regulatory framework and active market players in the Trinidad and Tobago corporate and government bond markets will be performed.  Next, panel data analysis will be performed to identify the factors that influence firms in Trinidad and Tobago to use bonds as a means of raising long-term capital, in other words to supply bonds, and as an avenue to invest excess cash flow, that is to demand bonds.