Assessing the Impact of Covid-19 Pandemic on Emerging Market Economies' (EMEs) Sovereign Bond Risk Premium and Fiscal Solvency

被引：6

作者：

Bizuneh, Menna ^{[1
]}

Geremew, Menelik ^{[2
]}

机构：

[1] Pitzer Coll, Dept Econ, Claremont, CA 91711 USA

[2] Kalamazoo Coll, Dept Econ & Business, Kalamazoo, MI 49009 USA

来源：

EASTERN ECONOMIC JOURNAL | 2021年 / 47卷 / 04期

关键词：

Covid-19; Sovereign bond risk premium; EMEs; Fiscal Solvency; PANEL-DATA; DETERMINANTS; FUNDAMENTALS; COUNTRIES; SPREADS;

D O I：

10.1057/s41302-021-00201-y

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The current globalized economic environment has made Emerging Market Economies (EMEs) highly exposed to global economic shocks. During the Covid-19 pandemic, EMEs have been facing increased health costs and heightened demand for fiscal stimulus. In addition, most EMEs experienced currency depreciation, reversal in capital flow, decrease in global demand and significant decline in domestic revenue, leading to a potential increase in sovereign bond risk premiums (SRP). Using dynamic panel estimations and focusing on 12 countries, we find that the Covid-19 pandemic impacts SRP primarily through GDP growth and political stability indicators. In addition, we find the real exchange rate and net export to GDP ratio have a statistically significant impact on sovereign bond risk premium.

引用

页码：519 / 545

页数：27

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