Name: International Finance Discussion Papers: Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries (en Inglés)
SKU: 59870446
Price: 29650.00 CLP
Availability: InStock
Author: United States Federal Reserve Board ; Et Al ; Jahjah, Samir
ISBN: 9781288723478

portada International Finance Discussion Papers: Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries (en Inglés)

International Finance Discussion Papers: Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries (en Inglés)

Formato

Libro Físico

Autor

United States Federal Reserve Board

Samir Jahjah

Editorial

Bibliogov

Idioma

Inglés

N° páginas

Encuadernación

Tapa Blanda

Dimensiones

24.6x18.9x0.2 cm

Peso

0.09 kg.

ISBN13

9781288723478

Categorías

Política y gobierno

International Finance Discussion Papers: Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries (en Inglés)

United States Federal Reserve Board (Autor) · Samir Jahjah (Autor) · Bibliogov · Tapa Blanda

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Reseña del libro "International Finance Discussion Papers: Exchange Rate Policy and Sovereign Bond Spreads in Developing Countries (en Inglés)"

This paper empirically analyzes how exchange rate policy affects the issuance and pricing of international bonds for developing countries. We find that countries with less flexible exchange rate regimes pay higher sovereign bond spreads and are less likely to issue bonds. Quantitatively, changing a free-floating regime to a fixed regime decreases the likelihood of bond issuance by 4.6% and increases the bond spread by 1.3% on average. Furthermore, countries with real exchange rate overvaluation have higher bond spreads and higher bond issuance probabilities. Moreover, such positive effects of real exchange rate overvaluation tend to be magnified for countries with fixed exchange rate regimes. Our results suggest that choosing a less flexible exchange rate regime in general leads to higher borrowing costs for developing countries, especially when their currencies are overvalued.