Sovereign spillovers normalised Asian spreads, says IMF study


The rapid normalisation of sovereign spreads experienced in Asian countries following the crisis owed largely to positive spillover effects, an IMF study, published on Wednesday, shows.

Carlos Caceres and Filiz Unsal, the paper's authors, estimate a model of Asian sovereign swap spreads in Australia, Japan, New Zealand, China, Hong Kong, India, Indonesia, Korea, Malaysia, the Philippines and Thailand to examine how contagion in these economies evolved during different phases of the crisis. The

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