Skip navigation

Kevin Cowan

Kevin Cowan is a Senior Economist, Financial Stability Division, at the Central Bank of Chile.

Titles by This Editor

On the Verge of a Big Bang?

Developing local bond markets is high on the policy agenda of Latin America. Bond markets are an essential component of a well-functioning financial market. Facilitating the efforts of public and private borrowers to issue domestic-currency-denominated, long-term, fixed-rate bonds insulates them from the rollover and balance sheet risks that have been central elements in past financial crises. In addition, a robust bond market is a way for nonfinancial firms to retain their capacity to borrow when the banking system grows reluctant to lend.