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150128 ||| eng |
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|a 9781451868722
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| 100 |
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|a Kodres, Laura
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| 245 |
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|a Emerging Market Spread Compression
|b Is it Real or is it Liquidity?
|c Laura Kodres, Kristian Hartelius, Kenichiro Kashiwase
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2008
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| 300 |
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|a 36 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Interest rates
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| 653 |
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|a Institutional Investors
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| 653 |
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|a Pension Funds
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| 653 |
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|a Finance
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| 653 |
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|a Investments: Futures
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| 653 |
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|a Monetary economics
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| 653 |
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|a Financial Instruments
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| 653 |
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|a Capital market
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| 653 |
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|a Monetary Policy, Central Banking, and the Supply of Money and Credit: General
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| 653 |
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|a General Financial Markets: General (includes Measurement and Data)
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| 653 |
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|a Yield curve
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| 653 |
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|a Derivative securities
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| 653 |
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|a Non-bank Financial Institutions
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| 653 |
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|a Emerging and frontier financial markets
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| 653 |
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|a Banks and Banking
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| 653 |
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|a Financial services industry
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| 653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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| 653 |
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|a Money and Monetary Policy
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| 653 |
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|a Futures
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| 653 |
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|a Finance: General
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| 653 |
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|a Credit ratings
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| 653 |
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|a Securities markets
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| 700 |
1 |
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|a Hartelius, Kristian
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| 700 |
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|a Kashiwase, Kenichiro
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
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|a IMF Working Papers
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| 028 |
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|a 10.5089/9781451868722.001
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| 856 |
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|u https://elibrary.imf.org/view/journals/001/2008/010/001.2008.issue-010-en.xml?cid=21546-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a Despite recent turmoil, spreads on emerging market countries' sovereign bonds have fallen dramatically since mid-2002. Some have attributed the fall to improved economic fundamentals while others to ample global liquidity. The paper models spreads and attempts to empirically distinguish between the two factors. The results indicate that fundamentals, as embedded in credit ratings, are very important, but that expectations of future U.S. interest rates and volatility in those expectations are also a key determinant of emerging market spreads
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