Mauro, Paolo; Sussman, Nathan; Yafeh, Yishay - In: The Quarterly Journal of Economics 117 (2002) 2, pp. 695-733
We analyze yield spreads on sovereign bonds issued by emerging markets, using modern data from the 1990s and newly collected historical data on bonds traded in London during 1870-1913, a previous era of global capital market integration. We show that spreads today comove across emerging markets...