Kamin, Steven B.; von Kleist, Karsten - 2013
This paper develops measures of emerging market credit spreads for the 1990s, based on data on new bond issues and bank …-term interest rates explain relatively little of the decline in emerging market bond spreads. Longer-term trends, perhaps reflecting … of spreads during the 1990s up until the advent of the Asian financial crisis, holding other determinants constant, and …