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Title International sovereign bonds by emerging markets and developing economies : drivers of issuance and spreads / prepared by Andrea F. Presbitero {and others]
Published [Washington, D.C.] : International Monetary Fund, ©2015

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Description 1 online resource (27 pages) : color illustrations
Series IMF working paper ; WP/15/275
IMF working paper ; WP/15/275.
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."
"Strategy and Policy Review Department."
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
Bonds -- Developing countries
Economic development -- Developing countries
Bonds.
Economic development.
Sovereign wealth funds.
Developing countries.
Form Electronic book
Author Presbitero, Andrea F., (IMF staff)
Ghura, Dhaneshwar, (IMF staff)
Adedeji, Olumuyiwa S., (IMF staff)
Njie, Lamin, (IMFstaff)
International Monetary Fund. Strategy, Policy, and Review Department.
ISBN 1513581724
9781513581729
ISSN 1018-5941