This paper examines equilibrium price relationships and price discovery between credit defaul swap (CDS), bond, and … equity markets for emerging market sovereign issuers. Findings suggest that CDS and bond spreads converge despite various … bond and CDS markets and the equity markets. As for price discovery, our results are mixed. This stands in contrast to the …

-currency-denominated corporate bonds. The main findings are: (i) sovereign risk appears to be the single most important determinant of corporate …

The effects of unanticipated movements in global risk on nine emerging bond markets are investigated. The components of … historical decomposition of bond spreads is used to identify the relative contributions of risk during 1998-99. The empirical …

States as the origin of the subprime crisis. Finally, as expected, the conditional correlation between China and HK has … outweighed their conditional correlations with the United States, echoing increasing financial integration between China and HK. …

issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater …