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dc.contributor.authorMoser, Christophen_US
dc.coverage.temporal1992-2005en_US
dc.date.accessioned2009-01-28T16:08:34Z-
dc.date.available2009-01-28T16:08:34Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/19887-
dc.description.abstractSovereign risk is defined as a country?s ability-to-pay and willingness-to-pay its debt. This paper examines how cabinet reshuffles affecting the ministry of finance or economics are perceived by sovereign bond holders in twelve Latin American countries from 1992 to 2005. We find that such political news instantaneously increases bond spreads. Furthermore, spreads trend significantly upward in the 40 days leading up to the minister change, before flattening out on a higher level in the 40 days thereafter. Evidence suggests that uncertainty about the future course of economic policy and the government?s willingness-to-pay increases refinancing costs for respective emerging markets.en_US
dc.language.isoengen_US
dc.publisheren_US
dc.relation.ispartofseriesProceedings of the German Development Economics Conference, Göttingen 2007 / Verein für Socialpolitik, Research Committee Development Economics 24en_US
dc.subject.jelG14en_US
dc.subject.jelH63en_US
dc.subject.jelF34en_US
dc.subject.jelF30en_US
dc.subject.ddc330en_US
dc.subject.keywordpolitical instabilityen_US
dc.subject.keywordcountry risken_US
dc.subject.keywordbond spreadsen_US
dc.subject.keywordLatin Americaen_US
dc.subject.stwPortfolio-Investitionen_US
dc.subject.stwÖffentliche Anleiheen_US
dc.subject.stwPolitische Stabilitäten_US
dc.subject.stwRisikoen_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwSchätzungen_US
dc.subject.stwLateinamerikaen_US
dc.titleThe Impact of Political Risk on Sovereign Bond Spreads - Evidence from Latin Americaen_US
dc.typeConference Paperen_US
dc.identifier.ppn560907222en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:gdec07:6804-
Appears in Collections:Proceedings of the German Development Economics Conference, 2007 (Göttingen)

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