Klingen, Christoph; Weder di Mauro, Beatrice; … - C.E.P.R. Discussion Papers - 2004
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% per annum, about the same as returns on a ten-year US treasury bond. This reflects the combined effect of the 1980s debt...