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

This paper compares the impact of shocks to U.S. interest rates and emerging market bond spreads on domestic interest …, they react about the same to bond spread shocks, in addition to a significant impact on the exchange rate. …

bond. This reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000. Annual returns … high-yield bonds. However, unlike returns on these bonds, emerging market debt returns do not seem significantly correlated …

A structural vector autoregression model is developed to analyze the dynamics of bond spreads among a sample of mature … contribution on bond spreads from global market conditions (including funding liquidity, market liquidity, as well as credit and … changes in bond spreads over the sample, global market risk factors are fundamental driving forces during periods of stress …

of sovereign bond spreads in emerging markets before and after the Russian crisis. The nonbailout of Russia in August …

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 …