This paper investigates the behaviour, from October 1999 to May 2001, of spreads on sovereign debt issuance from 15 countries located in Asia, Latin America and Eastern Europe using a homogeneous secondary market database. The research integrates standard Principal Components Analysis procedures...

Exchange rate market efficiency tests have been strongly influenced by the finding that the exchange rate time series are mostly nonstationary. The early efficiency tests — which tended to support the hypothesis of interest — have been found to be incorrect and have been replaced by new...