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|c 5.00 USD
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|z 9781451843378
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|a 1018-5941
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|a BD-DhAAL
|c BD-DhAAL
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|a Izvorski, Ivailo.
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|a Brady Bonds and Default Probabilities /
|c Ivailo Izvorski.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1998.
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| 300 |
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|a 1 online resource (24 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper computes the default probabilities implicit in the prices of Brady bonds of seven developing countries and examines the factors that determine the high cross-correlation of the probability paths. The term structure of U.S. interest rates and the ratio of long-term foreign debt to GDP, together with a developing market index, explain more than 75 percent of the cross-sectional distribution of the default probabilities. The paper also demonstrates a new way to extract sovereign riskiness, implicit in traded bond prices. This allows the above results to be interpreted as explaining the cross-sectional distribution of sovereign riskiness as well.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1998/016
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1998/016/001.1998.issue-016-en.xml
|z IMF e-Library
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