Global monetary conditions versus country-specific factors in the determination of emerging market debt spreads
Global monetary conditions versus country-specific factors in the determination of emerging market debt spreads:

"The authors offer evidence that U.S. interest rate policy has an important influence in the determination of credit spreads on emerging market bonds over U.S. benchmark treasuries and therefore on their cost of capital. Their analysis improves on the existing literature and understanding by ad...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
1. Verfasser: Dailami, Mansoor (VerfasserIn)
Format: Elektronisch E-Book
Sprache:English
Veröffentlicht: [Washington, D.C] World Bank 2005
Schriftenreihe:Policy research working paper 3626
Schlagworte:
Wirtschaft. Geschichte
USA
Credit
Economic history > 1990-
Interest rates > United States
Monetary policy > United States
Online-Zugang:DE-522
DE-12
DE-521
DE-1102
DE-1046
DE-1047
DE-858
DE-Aug4
DE-573
DE-M347
DE-92
DE-1051
DE-898
DE-859
DE-860
DE-1049
DE-863
DE-862
DE-523
DE-2070s
DE-M352
DE-Re13
DE-70
DE-128
DE-22
DE-155
DE-150
DE-91
DE-384
DE-473
DE-19
DE-355
DE-703
DE-20
DE-706
DE-29
DE-739
Volltext
Zusammenfassung:"The authors offer evidence that U.S. interest rate policy has an important influence in the determination of credit spreads on emerging market bonds over U.S. benchmark treasuries and therefore on their cost of capital. Their analysis improves on the existing literature and understanding by addressing the dynamics of market expectations in shaping views on interest rate and monetary policy changes and by recognizing nonlinearities in the link between U.S. interest rates and emerging market bond spreads, as the level of interest rates affect the market's perceived probability of default and the solvency of emerging market borrowers. For a country with a moderate level of debt, repayment prospects would remain good in the face of an increase in U.S. interest rates, so there would be little increase in spreads. A country close to the borderline of solvency would face a steeper increase in spreads. Simulations of a 200 basis points (bps) increase in U.S. interest rates show an increase in emerging market spreads ranging from 6 bps to 65 bps, depending on debt/GDP ratios. This would be in addition to the increase in the benchmark U.S. 10 year Treasury rate. "--World Bank web site
Beschreibung:Includes bibliographical references. - Title from PDF file as viewed on 8/22/2005
Erscheinungsjahr in Vorlageform:[2005]
Weitere Ausgabe: Dailami, Mansoor: Global monetary conditions versus country-specific factors in the determination of emerging market debt spreads
Beschreibung:1 Online-Ressource
Login für die Nachverfolgung von Bestellungen und Vormerkungen
Volltext öffnen

Ähnliche Einträge