The Regulation of the Emerging Markets Loan Market

(1998) 30 Law and Policy in International Business 47-110

UNSW Law Research Paper No. 17-40

55 Pages Posted: 21 Jun 2017

See all articles by Ross P. Buckley

Ross P. Buckley

University of New South Wales (UNSW) - Faculty of Law

Date Written: January 01, 1998

Abstract

The secondary market in emerging markets loans began in 1983 after the debt crisis and has grown into one of the worlds more significant capital markets with a turnover in 1996 of over $5 trillion of debt. Even though based in New York, there has been virtually no external regulation of this market. This article explores why this might have been so and concludes that the market in loans is not a securities market and does not naturally fall under the aegis of any U.S. regulatory authority. The market, in fact, is a rare example of a single international over-the-counter market.

Keywords: emerging markets loan, secondary market, debt crisis, external regulation

Suggested Citation

Buckley, Ross P., The Regulation of the Emerging Markets Loan Market (January 01, 1998). (1998) 30 Law and Policy in International Business 47-110; UNSW Law Research Paper No. 17-40. Available at SSRN: https://ssrn.com/abstract=2990152 or http://dx.doi.org/10.2139/ssrn.2990152

Ross P. Buckley (Contact Author)

University of New South Wales (UNSW) - Faculty of Law ( email )

Sydney, New South Wales 2052
Australia

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