While many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic...

Intro -- Contents -- I. INTRODUCTION -- II. REVIEW OF PREVIOUS STUDIES -- III. DATA AND SPECIFICATION -- IV. BASIC RESULTS -- V. SENSITIVITY CHECKS -- VI. CONNECTIONS WITH OTHER ASPECTS OF FINANCIAL DEVELOPMENT -- VII. THE COMPOSITION OF THE INVESTOR BASE -- VIII. CONCLUSIONS AND POLICY...

Intro -- Contents -- I. MOTIVATION -- II. HISTORICAL EVIDENCE ON DEFAULT AND LENDING RESUMPTION -- III. THE ENVIRONMENT -- IV. OBSERVABLE TYPES -- V. UNOBSERVABLE TYPES -- VI. CONCLUDING REMARKS -- PROOFS OF PROPOSITIONS 3 AND 4 -- REFERENCES.

In this paper potential financial linkages between liquidity and bank solvency measures in advanced economies and emerging market (EM) bond and stock markets are analyzedduring the latest crisis. A multivariate GARCH model is estimated in order to gauge the extent of co-movements of these...

This study empirically analyzes the determinants of bond market development in a cross section of 23 sub-Saharan African (SSA) countries between 1990 and 2008. It considers the stage of development and the size of the bond market, as well as the historical, structural, institutional and...

Emerging European countries have made large strides in developing their local capital markets since the early-1990s. However, the rate of development has been widely disparate across countries and market segments, underpinned by the varying degrees of progress made in key areas such as...

In traditional bond markets, sovereign bonds provide benchmarks and serve as catalysts for the corporate bond market development. Contrary to the usual sequence of bond market development, sovereign issuers are latecomers to sustainable bond markets. Yet, our empirical study finds that sovereign...

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the combined effect of the 1980s...

This paper-consisting of a regional study and seven country studies-reviews the state of domestic public debt markets in Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, and Panama as at end-2005. Although they account for the lion's share of capital markets, regional...

We estimate sovereign bond spreads of 28 emerging economies over the period January 1998-December 2011 and test the ability of the model in generating accurate in-sample predictions for emerging economies bond spreads. The impact and significance of country-specific and global explanatory...