Description |
1 online resource (27 pages) : color illustrations |
Series |
IMF working paper ; WP/15/275 |
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IMF working paper ; WP/15/275.
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Summary |
What determines the ability of low-income developing countries to issue bonds in international capital and what explains the spreads on these bonds? This paper examines these questions using a dataset that includes emerging markets and developing economies (EMDEs) that issued sovereign bonds at least once during the period 1995-2013 as well as those that did not. We find that an EMDE is more likely to issue a bond when, in comparison with non-issuing peers, it is larger in economic size, has higher per capita GDP, and has stronger macroeconomic fundamentals and government. Spreads on sovereign bonds are lower for countries with strong external and fiscal positions, as well as robust economic growth and government effectiveness. With regard to global factors, the results show that sovereign bond spreads are reduced in periods of lower market volatility.--Abstract |
Notes |
"December 2015." |
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"Strategy and Policy Review Department." |
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Authors: Andrea F. Presbitero, Dhaneshwar Ghura, Olumuyiwa S. Adedeji, and Lamin Njie |
Bibliography |
Includes bibliographical references (pages 17-19) |
Notes |
Online resource; title from pdf title page (IMF.org Web site, viewed February 3, 2016) |
Subject |
Sovereign wealth funds -- Developing countries
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Bonds -- Developing countries
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Economic development -- Developing countries
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Bonds.
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Economic development.
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Sovereign wealth funds.
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Developing countries.
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Form |
Electronic book
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Author |
Presbitero, Andrea F., (IMF staff)
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Ghura, Dhaneshwar, (IMF staff)
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Adedeji, Olumuyiwa S., (IMF staff)
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Njie, Lamin, (IMFstaff)
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International Monetary Fund. Strategy, Policy, and Review Department.
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ISBN |
1513581724 |
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9781513581729 |
ISSN |
1018-5941 |
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