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Global Factors and Emerging Market Spreads
This paper shows that a large fraction of the variability of emerging market bond spreads is explained by the evolution of global factors such as risk appetite and contagion. Overall, the results highlight the critical role played by exogenous factors in the evolution of the borrowing cost faced by emerging economies.
Geography
Link
http://www.utdt.edu/departamentos/empresarial/cif/pdfs-wp/wpcif-072005.pdf