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The Effect of External Conditions on Growth in Latin America

The Effect of External Conditions on Growth in Latin America »

Source: The Effect of External Conditions on Growth in Latin America

Volume/Issue: 2007/176

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , and Pär Österholm

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

ISBN: 9781451867404

Keywords: Bayesian VAR, world growth, bond, bond spread,

This paper investigates the sensitivity of Latin American GDP growth to external developments using a Bayesian VAR model with informative steady-state priors. The model is estimated on quarterly data from 1994 to 2...

The Determinants of Corporate Risk in Emerging Markets

The Determinants of Corporate Risk in Emerging Markets »

Source: The Determinants of Corporate Risk in Emerging Markets : An Option-Adjusted Spread Analysis

Volume/Issue: 2007/228

Series: IMF Working Papers

Author(s): Eduardo Cavallo , and Patricio Valenzuela

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2007

ISBN: 9781451867923

Keywords: Corporate bond spreads, sovereign ceiling, default risk, emerging market, bond, sovereign risk, corporate bond, bond spreads,

This study explores the determinants of corporate bond spreads in emerging markets economies. Using a largely unexploited dataset, the paper finds that corporate bond spreads are determined by firm-specific variabl...

'Beneficial' Delays in Debt Restructuring Negotiations

'Beneficial' Delays in Debt Restructuring Negotiations »

Source: 'Beneficial' Delays in Debt Restructuring Negotiations

Volume/Issue: 2008/38

Series: IMF Working Papers

Author(s): Ran Bi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2008

ISBN: 9781451869002

Keywords: debt renegotiation, stochastic bargaining, renegotiation delays, bond, bond spreads,

Delays in debt restructuring negotiations are widely regarded as inefficient. This paper argues that delays can allow the economy to recover from a crisis, make more resources available for debt settlement, and ena...

Banks and Monetary Shocks in Emerging Markets

Banks and Monetary Shocks in Emerging Markets »

Source: Banks and Monetary Shocks in Emerging Markets : How Far Can We Go with the "Credit View"?

Volume/Issue: 2000/68

Series: IMF Working Papers

Author(s): Luis Catão , and Sergio Rodriguez

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2000

ISBN: 9781451848984

Keywords: interest rate spreads, banking, bond, reserve requirements, bank deposits

This paper examines the propagation of monetary shocks in a two-good optimizing macromodel where domestic banking activity is costly and the non-tradable sector is highly dependent on domestic bank credit, as in mo...

Debt Crises and the Development of International Capital Markets

Debt Crises and the Development of International Capital Markets »

Source: Debt Crises and the Development of International Capital Markets

Volume/Issue: 2004/44

Series: IMF Working Papers

Author(s): Amadou Sy , and Andrea Pescatori

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2004

ISBN: 9781451846447

Keywords: Bond spreads, debt crisis, bond, debt crises, sovereign bond, bonds, Financial Institutions and Services: General,

Crises on external sovereign debt are typically defined as defaults. Such a definition accurately captures debt-servicing difficulties in the 1980s, a period of numerous defaults on bank loans. However, defining de...

Emerging Market Bond Spreads and Sovereign Credit Ratings

Emerging Market Bond Spreads and Sovereign Credit Ratings »

Source: Emerging Market Bond Spreads and Sovereign Credit Ratings : Reconciling Market Views with Economic Fundamentals

Volume/Issue: 2001/165

Series: IMF Working Papers

Author(s): Amadou Sy

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2001

ISBN: 9781451858051

Keywords: Bond spreads, monitoring, risk appetite, bond, bonds, emerging market bond, market bond, Financial Institutions and Services: General,

This paper uses a panel data estimation of a simple univariate model of sovereign spreads on ratings to analyze statistically significant deviations from the estimated relationship. We find evidence of an asymmetri...

How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?1

How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?1 »

Source: How Does Public External Debt Affect Corporate Borrowing Costs In Emerging Markets?

Volume/Issue: 2009/266

Series: IMF Working Papers

Author(s): Oya Celasun , and Senay Agca

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2009

ISBN: 9781451874112

Keywords: syndicated loans, yield spreads, creditor rights, public external debt, bond, external public debt,

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 sect...

Persistent Gaps, Volatility Types, and Default Traps

Persistent Gaps, Volatility Types, and Default Traps »

Source: Persistent Gaps, Volatility Types, and Default Traps

Volume/Issue: 2007/148

Series: IMF Working Papers

Author(s): Ana Fostel , Sandeep Kapur , and Luis Catão

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2007

ISBN: 9781451867121

Keywords: Sovereign Debt, Default, Country Spreads, Output Volatility and Persistence, bond, bonds, sovereign bond, bondholders, Sovereign Debt. Default,

We show that cross-country differences in the underlying volatility and persistence of macroeconomic shocks help explain two historical regularities in sovereign borrowing: the existence of "vicious" circles of bor...

International Pricing of Emerging Market Corporate Debt

International Pricing of Emerging Market Corporate Debt »

Source: International Pricing of Emerging Market Corporate Debt : Does the Corporate Matter?

Volume/Issue: 2010/26

Series: IMF Working Papers

Author(s): Sonja Keller , and Ashoka Mody

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2010

ISBN: 9781451962475

Keywords: Corporate bonds, bond spreads, Fama-French factors, equity returns, bonds, bond, General Financial Markets, Corporate Finance And Governance,

We examine risk spreads charged on corporate bonds placed by emerging market borrowers on international exchanges. While global developments have an important effect on spreads, changes in firm-level default risk a...

The Effect of External Conditions on Growth in Latin America

The Effect of External Conditions on Growth in Latin America »

Volume/Issue: 2007/176

Series: IMF Working Papers

Author(s): Jeronimo Zettelmeyer , and Pär Österholm

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867404.001

ISBN: 9781451867404

Keywords: Bayesian VAR, world growth, bond, bond spread,

This paper investigates the sensitivity of Latin American GDP growth to external developments using a Bayesian VAR model with informative steady-state priors. The model is estimated on quarterly data from 1994 to 2...