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What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies

Ayala, Diana - 2017

This paper studies the determinants of shifts in debt composition among emerging market non-financial corporates. We show that the determinants of bond market access in EMs vary with global cyclical conditions and across local and foreign currency markets. We find that the role for institutions...

Persistent link: https://www.econbiz.de/10012960099

Bond–Equity Yield Ratio Market Timing in Emerging Markets

Dimic, Nebojsa - 2018

This paper investigates the market timing ability of the bond–equity yield ratio (BEYR) from an international investor perspective. Consolidating data on emerging markets, we document no major international evidence that BEYR-based investing strategies, namely extreme values, thresholds, and...

Persistent link: https://www.econbiz.de/10012935689

Capital Flows to Emerging Economies : Recent Developments and Drivers

Molina, Luis - 2019

Emerging markets have gained prominence as recipients of capital flows since the onset of the financial crisis in 2008. This raises their exposure and goes hand in hand with greater dependence on external financing and heightened sensitivity to global shocks. However, some differences can be...

Persistent link: https://www.econbiz.de/10012867291

Impacts of Sovereign Creditworthiness on Sub-Sovereign Debt Ratings in Emerging and Developing Economies

Mohapatra, Sanket - 2017

This paper examines key determinants of the distance between the sovereign's credit rating and the ratings of sub-sovereign foreign currency bonds, such as bond issuers' type, debt characteristics, and global and country's economic conditions. Using a comprehensive international bond-level...

Persistent link: https://www.econbiz.de/10012971168

Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post-Lehman Period : A Fortune or Misfortune?

Ebeke, Christian - 2014

The paper shows that foreign holdings of local currency government bonds in emergingmarket countries (EMs) have reduced bond yields but have somewhat increased yieldvolatility in the post-Lehman period. Econometric analyses conducted from a sample of12 EMs demonstrate that these results are...

Persistent link: https://www.econbiz.de/10013057732

What Slice of the Pie? The Corporate Bond Market Boom in Emerging Economies

Ayala, Diana - 2015

This paper studies the determinants of shifts in debt composition among EM non-financial corporates. We show that institutions and macro fundamentals create an enabling environment for bond market development. During the recent boom episode, however, global cyclical factors accounted for most of...

Persistent link: https://www.econbiz.de/10013016610

The Pricing of Sovereign Risk and Contagion During the European Sovereign Debt Crisis

Beirne, John - 2014

debt crisis. It shows that a deterioration in countries' fundamentals and fundamentals contagion – a sharp rise in the … spreads during the crisis, not only for euro area countries but globally. By contrast, regional spill overs and contagion have … been less important, including for euro area countries. The paper also finds evidence for herding contagion – sharp …

Persistent link: https://www.econbiz.de/10013061742

On the Relationship between Exchange Rates and Stock Prices : Evidence from Emerging Markets

Cakan, Esin - 2014

This study examines dynamic linkages between the exchange rates and stock prices for twelve emerging market countries for the period from May 1994 to April 2010 by using linear and non-linear Granger causality tests. Our empirical results show that stock prices and exchange rates have linear and...

Persistent link: https://www.econbiz.de/10013062443

Do China and Oil Exporters Influence Major Currency Configurations?

Fratzscher, Marcel - 2015

This paper analyses the impact of the shift away from a US dollar focus of systemically important emerging market economies (EMEs) on configurations between the US dollar, the euro and the yen. Given the difficulty that fixed or managed US dollar exchange rate regimes remain pervasive and...

Persistent link: https://www.econbiz.de/10012749953

Determinants of financial stress in emerging market economies

Park, Cyn-Young; Mercado, Rogelio V. <Jr.> - 2013

financial stress in emerging markets. Previous studies dealing with financial crises and contagion show the linkages through …

Persistent link: https://www.econbiz.de/10009781151