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We investigate the impact of global financial conditions, U.S. macroeconomic news and domestic fundamentals on the evolution of EMBI spreads for a panel of 18 emerging market (EM) countries using daily data. To this end, we consider not only the conventional panel cointegration procedures but...
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This study shows that the financial reform process, which started in 1980, considerably deepened the financial system. However, the impact of this deepening on credit growth was extremely mild, if not insignificant. We further show that the growth of credit stock, not the deepening of the...
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