Resource Windfalls and Emerging Market Sovereign Bond Spreads: The Role of Political Institutions PDF (Adobe DRM) download by Rabah Arezki

Resource Windfalls and Emerging Market Sovereign Bond Spreads: The Role of Political Institutions

INTERNATIONAL MONETARY FUND
Publication date: April 2006
ISBN: 9781455202133
Digital Book format: PDF (Adobe DRM)

Buy PDF

List price:
$18.00
Our price:
$13.99

You save: $4.01 (22%)
GET THIS EBOOK
FOR FREE!
Join our Facebook sweepstake, share and
get 10 likes. Winners
get notified in 24H!
Over the past year, euro area sovereign spreads have exhibited an unprecedented degree of volatility. This paper explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-specific risks, directly from worsening fundamentals, or indirectly from spillovers originating in other sovereigns. The analysis shows that earlier in the crisis, the surge in global risk aversion was a significant factor influencing sovereign spreads, while recently country-specific factors have started playing a more important role. The perceived source of contagion itself has changed: previously, it could be found among those sovereigns hit hard by the financial crisis, such as Austria, the Netherlands, and Ireland, whereas lately the countries putting pressure on euro area government bonds have been primarily Greece, Portugal, and Spain, as the emphasis has shifted towards short-term refinancing risk and long-term fiscal sustainability. The paper concludes that debt sustainability and appropriate management of sovereign balance sheets are necessary conditions for preventing sovereign risk from feeding back into broader financial stability concerns.
Please sign in to review this product.
Format:
Devices:
Resource Windfalls and Emerging Market Sovereign Bond Spreads: The Role of Political Institutions PDF (Adobe DRM) can be read on any device that can open PDF (Adobe DRM) files.

File Size:
163 Kb
Language:
ENG
Copy From Text:
Disabled.
Printing:
Disabled.
Other books by Rabah Arezki
Beyond the Curse: Policies to Harness the Power of Natural Resources PDF (Adobe DRM) download by Rabah Arezki
Beyond the Curse: Policies to Harness the Power of Natural Resources
Rabah Arezki
INTERNATIONAL MONETARY FUND, October 2011
ISBN: 9781616351458
Format: PDF, ePub
List Price: $35.00 Our price: $30.99
An Alternative Explanation for the Resource Curse: The Income Effect Channel PDF (Adobe DRM) download by Ali Alichi
An Alternative Explanation for the Resource Curse: The Income Effect Channel
Ali Alichi & Rabah Arezki
INTERNATIONAL MONETARY FUND, August 2006
ISBN: 9781451872590
Format: PDF
List Price: $18.00 Our price: $13.99
Boom-Bust Cycle, Asymmetrical Fiscal Response and the Dutch Disease PDF (Adobe DRM) download by Rabah Arezki
Boom-Bust Cycle, Asymmetrical Fiscal Response and the Dutch Disease
Rabah Arezki & Kareem Ismail
INTERNATIONAL MONETARY FUND, May 2006
ISBN: 9781451982718
Format: PDF
List Price: $18.00 Our price: $13.99
Global Imbalances and Petrodollars PDF (Adobe DRM) download by Rabah Arezki
Global Imbalances and Petrodollars
Rabah Arezki & Fuad Hasanov
INTERNATIONAL MONETARY FUND, July 2005
ISBN: 9781451872361
Format: PDF
List Price: $18.00 Our price: $13.99