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Recent financial crises including the ongoing one caused by the COVID-19 pandemic have consistently drawn attention to the need to strengthen the quality of public debt management in emerging markets and developing countries. Deeper and more efficient domestic government debt markets-being, a...
Persistent link: https://www.econbiz.de/10012392641
In recent years, the number of countries which have borrowed in international capital markets by issuing sovereign bonds has increased substantially. For these countries, capital market access meant a de facto acknowledgement of their policy successes and improvements in their creditworthiness...
Persistent link: https://www.econbiz.de/10014403680
In theory, one of the main benefits of financial globalization is that it should allow for more efficient international risk sharing. This paper provides a comprehensive empirical evaluation of the patterns of risk sharing among different groups of countries and examines how international...
Persistent link: https://www.econbiz.de/10014400319
This paper analyzes the impact of the globalization of financial markets on developing and transition economies. Differences between the responses of competitive and imperfectly competitive banking sectors cause them to affect economic activity differently. While nonbank financial markets and...
Persistent link: https://www.econbiz.de/10014403407
primary balance–in an otherwise standard spread regression model applied to a panel of 26 emerging market economies. We find … that debt sustainability is an important determinant of spreads. In addition, using a panel smooth transition regression …
Persistent link: https://www.econbiz.de/10014395221
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...
Persistent link: https://www.econbiz.de/10014395702
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...
Persistent link: https://www.econbiz.de/10009621639
We find that data transparency policy reforms, reflected in subscriptions to the IMF's Data Standards Initiatives (SDDS and GDDS), reduce the spreads of emerging market sovereign bonds. To overcome endogeneity issues regarding a country's decision to adopt such reforms, we first show that the...
Persistent link: https://www.econbiz.de/10011670527
This paper investigates the effects of fiscal consolidation announcements on sovereign spreads in a panel of 21 …
Persistent link: https://www.econbiz.de/10012102084
We analyze the relationship between global and country-specific factors and emerging market debt spreads from three different angles. First, we aim to disentangle the effect of global and country-specific developments, and find that while both country-specific and global developments are...
Persistent link: https://www.econbiz.de/10012667565