What Explains Changing Spreads on Emerging-Market Debt: Fundamentals or Market Sentiment?
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In this paper we analyze data on nearly 1,000 developing-country bonds issued in the years 1991-96 the recent episode of heavy reliance on bonded debt. We analyze both the issue decision of debtors and the pricing decision of investors, minimizing selectivity bias by treating the two issues jointly.
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美国国家经济研究局创建时间：
1998-02-01
