Determinants of Bulgarian Brady Bond Prices: An Empirical Assessment
Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. - To analyze the main determinants of secondary market prices of Bulgarian Brady bonds, Budin...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2000
|
| Schlagworte: | |
| Online-Zugang: | BSB01 EUV01 HTW01 FHI01 IOS01 Volltext |
| Zusammenfassung: | Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. - To analyze the main determinants of secondary market prices of Bulgarian Brady bonds, Budina and Mantchev investigate to what extent fluctuations in domestic fundamentals affect the bonds' secondary market price. They also assess the extent to which external shocks affect the bonds' prices. They estimate the long-term relationship between domestic fundamentals and market prices of the bonds, using cointegration techniques. In the long run, they find that gross foreign reserves and exports had a positive effect on bond prices and the real exchange rate and Mexico's nominal exchange rate depreciation had a negative effect. In the short run, the Asian crisis had a negative impact, and Bulgaria's change in political regime and introduction of a currency board had a positive impact. Mexico's economic crisis in 1995 had contagion effects. The authors' empirical results confirm the view that the so-called fundamentals approach should be used to supplement the analysis of spillover effects for Bulgarian Brady bonds. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudina@worldbank.org or tmantchev@hotmail.com |
| Beschreibung: | 1 Online-Ressource (36 Seiten)) |
Internformat
MARC
| LEADER | 00000nmm a22000001c 4500 | ||
|---|---|---|---|
| 001 | BV049076315 | ||
| 003 | DE-604 | ||
| 005 | 00000000000000.0 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 230731s2000 xxu|||| o||u| ||||||eng d | ||
| 035 | |a (ZDB-1-WBA)093208634 | ||
| 035 | |a (OCoLC)1392138498 | ||
| 035 | |a (DE-599)GBVNLM005444780 | ||
| 040 | |a DE-604 |b ger | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c XD-US | ||
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 | ||
| 100 | 1 | |a Budina, Nina |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Determinants of Bulgarian Brady Bond Prices |b An Empirical Assessment |c Budina, Nina |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 2000 | |
| 300 | |a 1 Online-Ressource (36 Seiten)) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 520 | 3 | |a Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. - To analyze the main determinants of secondary market prices of Bulgarian Brady bonds, Budina and Mantchev investigate to what extent fluctuations in domestic fundamentals affect the bonds' secondary market price. They also assess the extent to which external shocks affect the bonds' prices. They estimate the long-term relationship between domestic fundamentals and market prices of the bonds, using cointegration techniques. In the long run, they find that gross foreign reserves and exports had a positive effect on bond prices and the real exchange rate and Mexico's nominal exchange rate depreciation had a negative effect. In the short run, the Asian crisis had a negative impact, and Bulgaria's change in political regime and introduction of a currency board had a positive impact. Mexico's economic crisis in 1995 had contagion effects. The authors' empirical results confirm the view that the so-called fundamentals approach should be used to supplement the analysis of spillover effects for Bulgarian Brady bonds. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudina@worldbank.org or tmantchev@hotmail.com | |
| 533 | |a Online-Ausg | ||
| 650 | 4 | |a Bond | |
| 650 | 4 | |a Bond Issues | |
| 650 | 4 | |a Bond Price | |
| 650 | 4 | |a Bond Prices | |
| 650 | 4 | |a Bonds | |
| 650 | 4 | |a Debt Management | |
| 650 | 4 | |a Debt Markets | |
| 650 | 4 | |a Debt Prices | |
| 650 | 4 | |a Debt Service | |
| 650 | 4 | |a Economic Theory and Research | |
| 650 | 4 | |a Emerging Markets | |
| 650 | 4 | |a Emerging Markets | |
| 650 | 4 | |a Finance and Financial Sector Development | |
| 650 | 4 | |a Financial Literacy | |
| 650 | 4 | |a Financial Support | |
| 650 | 4 | |a Foreign Debt | |
| 650 | 4 | |a Macroeconomic Stabilization | |
| 650 | 4 | |a Macroeconomic Variables | |
| 650 | 4 | |a Macroeconomics and Economic Growth | |
| 650 | 4 | |a Market | |
| 650 | 4 | |a Markets and Market Access | |
| 650 | 4 | |a Option | |
| 650 | 4 | |a Price Movement | |
| 650 | 4 | |a Private Sector Development | |
| 650 | 4 | |a Savings Bank | |
| 650 | 4 | |a Secondary Market | |
| 650 | 4 | |a Secondary Market Debt | |
| 650 | 4 | |a Secondary Market Price | |
| 700 | 1 | |a Budina, Nina |e Sonstige |4 oth | |
| 700 | 1 | |a Mantchev, Tzvetan |e Sonstige |4 oth | |
| 776 | 0 | 8 | |i Budina, Nina |a Determinants of Bulgarian Brady Bond Prices |
| 856 | 4 | 0 | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277 |x Verlag |z URL des Erstveröffentlichers |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 999 | |a oai:aleph.bib-bvb.de:BVB01-034338206 | ||
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277 |l BSB01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277 |l EUV01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277 |l HTW01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277 |l FHI01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
| 966 | e | |u http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277 |l IOS01 |p ZDB-1-WBA |x Verlag |3 Volltext | |
Datensatz im Suchindex
| _version_ | 1804185397191770112 |
|---|---|
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Budina, Nina |
| author_facet | Budina, Nina |
| author_role | aut |
| author_sort | Budina, Nina |
| author_variant | n b nb |
| building | Verbundindex |
| bvnumber | BV049076315 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)093208634 (OCoLC)1392138498 (DE-599)GBVNLM005444780 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>04226nmm a22007451c 4500</leader><controlfield tag="001">BV049076315</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">230731s2000 xxu|||| o||u| ||||||eng d</controlfield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)093208634</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1392138498</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM005444780</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">XD-US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Budina, Nina</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Determinants of Bulgarian Brady Bond Prices</subfield><subfield code="b">An Empirical Assessment</subfield><subfield code="c">Budina, Nina</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">The World Bank</subfield><subfield code="c">2000</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (36 Seiten))</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. - To analyze the main determinants of secondary market prices of Bulgarian Brady bonds, Budina and Mantchev investigate to what extent fluctuations in domestic fundamentals affect the bonds' secondary market price. They also assess the extent to which external shocks affect the bonds' prices. They estimate the long-term relationship between domestic fundamentals and market prices of the bonds, using cointegration techniques. In the long run, they find that gross foreign reserves and exports had a positive effect on bond prices and the real exchange rate and Mexico's nominal exchange rate depreciation had a negative effect. In the short run, the Asian crisis had a negative impact, and Bulgaria's change in political regime and introduction of a currency board had a positive impact. Mexico's economic crisis in 1995 had contagion effects. The authors' empirical results confirm the view that the so-called fundamentals approach should be used to supplement the analysis of spillover effects for Bulgarian Brady bonds. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudina@worldbank.org or tmantchev@hotmail.com</subfield></datafield><datafield tag="533" ind1=" " ind2=" "><subfield code="a">Online-Ausg</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Bond</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Bond Issues</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Bond Price</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Bond Prices</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Bonds</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Debt Management</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Debt Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Debt Prices</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Debt Service</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economic Theory and Research</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Emerging Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Emerging Markets</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Finance and Financial Sector Development</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Financial Literacy</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Financial Support</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Foreign Debt</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Macroeconomic Stabilization</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Macroeconomic Variables</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Macroeconomics and Economic Growth</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Market</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Markets and Market Access</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Option</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Price Movement</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Private Sector Development</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Savings Bank</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Secondary Market</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Secondary Market Debt</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Secondary Market Price</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Budina, Nina</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Mantchev, Tzvetan</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Budina, Nina</subfield><subfield code="a">Determinants of Bulgarian Brady Bond Prices</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277</subfield><subfield code="x">Verlag</subfield><subfield code="z">URL des Erstveröffentlichers</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-034338206</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277</subfield><subfield code="l">BSB01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277</subfield><subfield code="l">EUV01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277</subfield><subfield code="l">HTW01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277</subfield><subfield code="l">FHI01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277</subfield><subfield code="l">IOS01</subfield><subfield code="p">ZDB-1-WBA</subfield><subfield code="x">Verlag</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| id | DE-604.BV049076315 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T22:27:50Z |
| indexdate | 2024-07-10T09:54:35Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-034338206 |
| oclc_num | 1392138498 |
| open_access_boolean | |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR |
| physical | 1 Online-Ressource (36 Seiten)) |
| psigel | ZDB-1-WBA |
| publishDate | 2000 |
| publishDateSearch | 2000 |
| publishDateSort | 2000 |
| publisher | The World Bank |
| record_format | marc |
| spelling | Budina, Nina Verfasser aut Determinants of Bulgarian Brady Bond Prices An Empirical Assessment Budina, Nina Washington, D.C The World Bank 2000 1 Online-Ressource (36 Seiten)) txt rdacontent c rdamedia cr rdacarrier Macroeconomic variables and changes in foreign reserves affect the secondary market price of Brady bonds in Bulgaria. So do changes in the external environment, including crises in other parts of the world. - To analyze the main determinants of secondary market prices of Bulgarian Brady bonds, Budina and Mantchev investigate to what extent fluctuations in domestic fundamentals affect the bonds' secondary market price. They also assess the extent to which external shocks affect the bonds' prices. They estimate the long-term relationship between domestic fundamentals and market prices of the bonds, using cointegration techniques. In the long run, they find that gross foreign reserves and exports had a positive effect on bond prices and the real exchange rate and Mexico's nominal exchange rate depreciation had a negative effect. In the short run, the Asian crisis had a negative impact, and Bulgaria's change in political regime and introduction of a currency board had a positive impact. Mexico's economic crisis in 1995 had contagion effects. The authors' empirical results confirm the view that the so-called fundamentals approach should be used to supplement the analysis of spillover effects for Bulgarian Brady bonds. This paper - a product of Macroeconomics and Growth, Development Research Group - is part of a larger effort in the group to study transition economies. The authors may be contacted at nbudina@worldbank.org or tmantchev@hotmail.com Online-Ausg Bond Bond Issues Bond Price Bond Prices Bonds Debt Management Debt Markets Debt Prices Debt Service Economic Theory and Research Emerging Markets Finance and Financial Sector Development Financial Literacy Financial Support Foreign Debt Macroeconomic Stabilization Macroeconomic Variables Macroeconomics and Economic Growth Market Markets and Market Access Option Price Movement Private Sector Development Savings Bank Secondary Market Secondary Market Debt Secondary Market Price Budina, Nina Sonstige oth Mantchev, Tzvetan Sonstige oth Budina, Nina Determinants of Bulgarian Brady Bond Prices http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Budina, Nina Determinants of Bulgarian Brady Bond Prices An Empirical Assessment Bond Bond Issues Bond Price Bond Prices Bonds Debt Management Debt Markets Debt Prices Debt Service Economic Theory and Research Emerging Markets Finance and Financial Sector Development Financial Literacy Financial Support Foreign Debt Macroeconomic Stabilization Macroeconomic Variables Macroeconomics and Economic Growth Market Markets and Market Access Option Price Movement Private Sector Development Savings Bank Secondary Market Secondary Market Debt Secondary Market Price |
| title | Determinants of Bulgarian Brady Bond Prices An Empirical Assessment |
| title_auth | Determinants of Bulgarian Brady Bond Prices An Empirical Assessment |
| title_exact_search | Determinants of Bulgarian Brady Bond Prices An Empirical Assessment |
| title_exact_search_txtP | Determinants of Bulgarian Brady Bond Prices An Empirical Assessment |
| title_full | Determinants of Bulgarian Brady Bond Prices An Empirical Assessment Budina, Nina |
| title_fullStr | Determinants of Bulgarian Brady Bond Prices An Empirical Assessment Budina, Nina |
| title_full_unstemmed | Determinants of Bulgarian Brady Bond Prices An Empirical Assessment Budina, Nina |
| title_short | Determinants of Bulgarian Brady Bond Prices |
| title_sort | determinants of bulgarian brady bond prices an empirical assessment |
| title_sub | An Empirical Assessment |
| topic | Bond Bond Issues Bond Price Bond Prices Bonds Debt Management Debt Markets Debt Prices Debt Service Economic Theory and Research Emerging Markets Finance and Financial Sector Development Financial Literacy Financial Support Foreign Debt Macroeconomic Stabilization Macroeconomic Variables Macroeconomics and Economic Growth Market Markets and Market Access Option Price Movement Private Sector Development Savings Bank Secondary Market Secondary Market Debt Secondary Market Price |
| topic_facet | Bond Bond Issues Bond Price Bond Prices Bonds Debt Management Debt Markets Debt Prices Debt Service Economic Theory and Research Emerging Markets Finance and Financial Sector Development Financial Literacy Financial Support Foreign Debt Macroeconomic Stabilization Macroeconomic Variables Macroeconomics and Economic Growth Market Markets and Market Access Option Price Movement Private Sector Development Savings Bank Secondary Market Secondary Market Debt Secondary Market Price |
| url | http://elibrary.worldbank.org/content/workingpaper/10.1596/1813-9450-2277 |
| work_keys_str_mv | AT budinanina determinantsofbulgarianbradybondpricesanempiricalassessment AT mantchevtzvetan determinantsofbulgarianbradybondpricesanempiricalassessment |