Paper finds global beats local in determining short-run sovereign bond spreads
While both country-specific and global developments are important determinants of sovereign bond spreads in the long run, global factors have the greatest impact in the short run, a new IMF paper shows.
The paper, Determinants of Sovereign Bond Spreads in Emerging Markets: Local Fundamentals and Global Factors vs. Ever-Changing Misalignments by Balazs Csonto and Iryna Ivaschenko, also investigated whether and how the strength of fundamentals is related to the sensitivity of spreads to global
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