As the bond market begins, finally, to price in greater relative risk in euro zone sovereigns, the intellectual underpinnings of the idea of a global division between emerging market and developed market bonds will be fundamentally tested.

The fund invests in developed financial markets outside Norway.

The market s reaction was to send Spanish government bond rates even higher.

As in the case of the emerging market bonds, portfolio equities retrenched in the second quarter of 2005.

Issuance of local currency bonds also increased substantially in 2004, although these bonds remain a small proportion of total emerging market bonds.

The aging of developed markets is well known, but the latest data show that emerging markets are aging at an even faster pace.

Since then, emerging market currencies and fixed income securities (government and corporate bonds) have taken a hit.

In addition, state bonds are not treated as equals, and the markets penalize profligate states.

Markets are now signaling that US Treasury bonds are much more valuable assets than they were a month ago.

The markets, not political debt ceilings, are taken seriously the introduction of Eurobonds would remove that disciplining function.

The broader use of gross domestic product (GDP) and commodity price linked bonds in international markets would serve the same purpose.

Because emerging economies have relatively weak asset markets, their citizens seek safe haven in advanced country government bonds.

(iv) The facilitation, as appropriate, of access by the developing countries to advanced communication technology available on the open market

A serious discussion of global capital account regulations would benefit both advanced and emerging market economies.

Why, Confederate bonds, of course, daughter.

All we have left.

(iv) The facilitation, as appropriate, of access by the developing countries to advanced communication technology available on the open market

(iv) The facilitation, as appropriate, of access by the developing countries to advanced communication technology available on the open market

The current differences in the interest rates of euro zone government bonds show that the financial markets regard a break up as a real possibility.

Single bonds

Sovereign creditworthiness will continue to diverge, with a further deterioration in advanced countries and continued improvement in emerging markets.

The LDCs welcomed the recent market access initiatives taken by developed countries in their favour.

Jamaica, for example, would issue aluminum bonds Nigeria would issue oil bonds Sierra Leone would issue iron ore bonds and Mongolia would issue copper bonds.

As a result, sovereign risk today is a greater problem in advanced economies than in most emerging market economies.

On that measure, we are twice as unequal as some of the other successful market democracies.

Open economy macroeconomists examine the instabilities of international finance. Advanced training in economics requires learning about market failures in detail, and about the myriad ways in which governments can help markets work better.

In 2003, Mexico successfully issued new bonds which included CACs without incurring an increase in spreads, thus paving the way for a more frequent inclusion of CACs in emerging market bond issues.

Land titles

Almost all major crises in emerging markets have been connected with shifts in exchange rates and monetary policy in advanced countries.

It could authorize the ECB to lend directly to governments that cannot borrow from the markets on reasonable terms until a eurobond regime is introduced.

Create Growth Linked Bonds

Eurobonds without Fear

The Trouble with Eurobonds

Negotiable documents of title

Performance reports

The population bought war bonds.

You have a hydrogen hydrogen bond.

It goes without saying that developing and emerging market countries no longer look at the advanced countries as they once did.

So today s emerging market economies should be richer than today s advanced economies were back then, right?

While Merkel opposes Hollande s proposal to create Eurobonds with a view to financing industrial projects, they cannot afford to waste time in reassuring jittery markets with a message of cohesion.

The supposed threat posed by government debt levels hasn t hurt these markets, at least in the relatively few countries that have inflation indexed bonds.

That adds up to close to 4 annual growth for the global economy, with advanced economies growing at around 2 and emerging market countries growing at about 6 .

Emerging markets, failing to do the same, have punched below their weight. They have allowed the advanced countries to drive the G 20 process.

The major emerging economies also have growing systemic effects on growth and employment across a broad range of countries, including the advanced ones.

But continued high growth in emerging markets depends on avoiding a second major downturn in the advanced economies, which continue to absorb a large (though declining) share of their exports.