Recovering from bond market distress: Good luck and good policy

被引：2

作者：

Waelti, Sebastien ^{[1
]}

Weder, Ghislaine ^{[2
]}

机构：

[1] Swiss Natl Bank, CH-8022 Zurich, Switzerland

[2] Grad Inst Int & Dev Studies, CH-1202 Geneva, Switzerland

来源：

EMERGING MARKETS REVIEW | 2009年 / 10卷 / 01期

关键词：

Bond market; Crisis; Recovery; Duration; HAZARD; DEBT; IMF;

D O I：

10.1016/j.ememar.2008.11.002

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper focuses on the resolution of bond market crises. Episodes of bond market distress are identified using secondary market sovereign bond spreads. Duration models are used to assess the role of the global environment, domestic policy, IMF programs and political events in explaining the length of distress episodes. We find a rich set of interactions between favourable external conditions, sound macroeconomic policies and the presence of an IMF program which contribute to shorter bond market crises. (C) 2008 Elsevier B.V. All rights reserved.

引用

页码：36 / 50

页数：15

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