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International Sovereign Bonds by Emerging Markets and Developing Economies
Andrea PresbiteroMr.Dhaneshwar GhuraMr.Olumuyiwa AdedejiLamin Njie
其他書名
Drivers of Issuance and Spreads
出版International Monetary Fund, 2015-12-24
主題Business & Economics / Investments & Securities / BondsBusiness & Economics / Economics / MacroeconomicsBusiness & Economics / Banks & Banking
ISBN15135817249781513581729
URLhttp://books.google.com.hk/books?id=crMaEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.