Convergence and Divergence of Sovereign Bond Spreads: Theory and Facts from Latin America
Convergence and Divergence of Sovereign Bond Spreads: Theory and Facts from Latin America
Grandes, Martin, "Convergence and Divergence of Sovereign Bond Spreads: Theory and Facts from Latin America" (April 2003). Abstract: The aim of this paper is to identify the macroeconomic determinants of sovereign bond spreads in Argentina, Brazil and Mexico and discuss the economic policies underlying the divergent fortunes experienced by these countries over 1993-2001. Based on a consistent theoretical framework (unlike a bulk of the former literature), we derive and empirically test those determinants, namely: a) real GDP growth; b) gross capital inflows in GDP terms, and c) the debt service burden, also measured as percentage of GDP. Our econometric analysis suggests that a permanent change in the former variables have a more significant and robust impact than transitory shocks do on spreads. It also stresses that financial contagion or risk-aversion variables have some meaningful role in explaining default premia across different emerging market crises. Go to article
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An EMBA is essentially a part-time MBA, but the average student profile is slightly different. These programmes are aimed at experienced executives who prefer not to take a career break to take a full-time MBA and typically require significant business experience to gain admission.
Tuck School of Business, part of Dartmouth College, was the first graduate school of management in the world. Founded in 1900, it was the first institution to confer advanced degrees (masters) in commercial sciences, the forebearer of the modern MBA.
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