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Do Economists' and Financial Markets' Perspectiveson the New Members of the Eu Differ?
Schadler, Susan; Luengnaruemitchai, Pipat - International Monetary Fund (IMF) - 2007
compressed sovereign bond yields. This paper examines the evidence from the perspective of economists' vulnerability analysis and … markets' pricing of sovereign bonds. It finds that spread are lower than can be explained by "fundamentals" and speculates on …
Persistent link: https://www.econbiz.de/10005599415
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How Does Public External Debt Affect Corporate Borrowing Costs in Emerging Markets?
Celasun, Oya; Agca, Senay - International Monetary Fund (IMF) - 2009
Using data on syndicated loan issuances by emerging market firms, we find that an increase in the external debt of emerging market governments significantly raises the borrowing costs of the domestic corporate sector. This finding suggests that a higher level of public external debt "crowds out"...
Persistent link: https://www.econbiz.de/10008497605
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Spatial Spillovers in Emerging Market Spreads
Dell'Erba, Salvatore; Baldacci, Emanuele; Poghosyan, Tigran - International Monetary Fund (IMF) - 2011
We use novel spatial econometrics techniques to explore spillovers in the sovereign bond market for 24 emerging …
Persistent link: https://www.econbiz.de/10009327872
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Chile; Institutions and Policies Underpinning Stability and Growth
Kalter, Eliot; Phillips, Steven; Singh, Manmohan; … - International Monetary Fund (IMF) - 2004
This paper presents the primary institutions and economic policies that have led to Chile’s remarkable record of stability and growth over the past twenty years. The core of this policy stance is the combination of fiscal discipline and an open trade policy regime, together with carefully...
Persistent link: https://www.econbiz.de/10005767351
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Strategic Considerations for First-Time Sovereign Bond Issuers
Polan, Magdalena; Das, Udaibir S.; Papaioannou, Michael G. - International Monetary Fund (IMF) - 2008
capital markets, including excessive issue size relative to the intended use of bond proceeds, issuance of bullet bonds, and … financing options, including international bonds, for many emerging market (EM) economies and LICs. This paper presents some of … the advantages and disadvantages of international debut bonds, within a debt sustainability framework. It outlines key …
Persistent link: https://www.econbiz.de/10005263693
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Investors’ Risk Appetite and Global Financial Market Conditions
González-Hermosillo, Brenda - International Monetary Fund (IMF) - 2008
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 …
Persistent link: https://www.econbiz.de/10005769174
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Crisis Resolution; Next Steps
Kletzer, Kenneth; Eichengreen, Barry J.; Mody, Ashoka - International Monetary Fund (IMF) - 2003
of collective action clauses (CACs) in international bonds. This decision was shaped partly by Mexico's successful launch … of a bond subject to New York law but featuring CACs, and by subsequent issues with similar provisions from other … the future. It asks whether we can expect to see additional issuance by emerging markets of bonds featuring CACs, whether …
Persistent link: https://www.econbiz.de/10005599331
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Fiscal Implications of the Global Economic and Financial Crisis
International Monetary Fund (IMF); International … - 2009
The economic and financial crisis is affecting the fiscal accounts of virtually every country. Public sector support for the financial system, fiscal stimulus and the automatic stabilizers, as well as the revenue decline from the downturn in commodity and asset prices, are leading to sharp...
Persistent link: https://www.econbiz.de/10010790494
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The Cost of Private Debt Over the Credit Cycle
Tereanu, Eugen; Francis, Johanna L.; Aykut, Dilek - International Monetary Fund (IMF) - 2010
using data on cross border loans and international bond issuance over 1993 -2009. We estimate the effects of individual … sector between good and bad times. The loan (bond) rating has an equally robust spread reduction effect across credit cycle … reducing credit spreads for loans, while higher reserve holdings and longer maturities matter more for bond spreads. …
Persistent link: https://www.econbiz.de/10008777015
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Characterizing Global Investors' Risk Appetite for Emerging Market Debt During Financial Crises
González-Hermosillo, Brenda; Martin, Vance; Dungey, Mardi - International Monetary Fund (IMF) - 2003
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 …
Persistent link: https://www.econbiz.de/10005768985