Sovereign Credit Ratings and Spreads in Emerging Markets PDF Download
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Author: Laura Jaramillo
Publisher: International Monetary Fund
ISBN: 1455218987
Category : Business & Economics
Languages : en
Pages : 19
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Book Description
Sovereign investment grade status is often associated with lower spreads in international markets. Using a panel framework for 35 emerging markets between 1997 and 2010, thispaper finds that investment grade status reduces spreads by 36 percent, above and beyond what is implied by macroeconomic fundamentals. This compares to a 5-10 percent reduction in spreads following upgrades within the investment grade asset class, and no impact formovements within the speculative grade asset class, ceteris paribus. While global financial conditions play a central role in determining spreads, market sentiment improves with lower external public debt to GDP levels and higher domestic growth rates.
Author: Laura Jaramillo
Publisher: International Monetary Fund
ISBN: 1455218987
Category : Business & Economics
Languages : en
Pages : 19
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Book Description
Sovereign investment grade status is often associated with lower spreads in international markets. Using a panel framework for 35 emerging markets between 1997 and 2010, thispaper finds that investment grade status reduces spreads by 36 percent, above and beyond what is implied by macroeconomic fundamentals. This compares to a 5-10 percent reduction in spreads following upgrades within the investment grade asset class, and no impact formovements within the speculative grade asset class, ceteris paribus. While global financial conditions play a central role in determining spreads, market sentiment improves with lower external public debt to GDP levels and higher domestic growth rates.
Author: Guillermo Larraín
Publisher:
ISBN:
Category : Bonds
Languages : en
Pages : 44
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: Helmut Reisen
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
Author: Graciela Laura Kaminsky
Publisher: World Bank Publications
ISBN:
Category : Contagio financiero
Languages : en
Pages : 35
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Book Description
Changes in sovereign ratings affect country risk and stock returns. And these changes are transmitted across countries, with neighbor-country effects being more significant.
Author: Roman Kräussl
Publisher:
ISBN: 9783831426102
Category : Credit ratings
Languages : en
Pages : 220
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Book Description
Author: Amadou N. R. Sy
Publisher: International Monetary Fund
ISBN:
Category : Bonds
Languages : en
Pages : 32
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Book Description
Author: N. Finch
Publisher: Springer
ISBN: 1137450665
Category : Business & Economics
Languages : en
Pages : 311
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Book Description
Emerging Markets and Sovereign Risk provides case studies, commentary and analysis on the financial risk management and measurement in the context of frontier and developing counties from international experts covering three key areas of emerging market investments, the rating sovereign risk and managing sovereign risk.
Author: Mr.Udaibir S. Das
Publisher: International Monetary Fund
ISBN: 1451961944
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
Top down spillovers of sovereign default risk can have serious consequences for the private sector in emerging markets. This paper analyzes the effects of these spillovers using firm-level data from 31 emerging market economies. We assess how sovereign risk affects corporate access to international capital markets, in the form of external credit (loans and bond issuances) and equity issuances. The study first analyzes the impact of sovereign debt crises during the 1980s and 1990s. It goes on to examine the 1993 to 2007 period, using additional measures of sovereign risk-sovereign bond spreads and sovereign ratings-as explanatory variables. Overall, we find that sovereign default risk is a crucial determinant of private sector access to capital, be it external debt or equity. We also find that crisis resolution patterns matter and that defaults towards private creditors have stronger adverse consequences than defaults to official creditors.
Author: Helmut Reisen
Publisher:
ISBN:
Category :
Languages : en
Pages : 32
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Book Description
