Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/121618 
Erscheinungsjahr: 
2014
Schriftenreihe/Nr.: 
Texto para Discussão No. 1978
Verlag: 
Instituto de Pesquisa Econômica Aplicada (IPEA), Brasília
Zusammenfassung (übersetzt): 
The study analyses the role of institutional characteristics of a country (governance) and the domestic financial system (depth, efficiency, stability, and capital openness) in determinants of emerging market corporate bond spreads issued in international market. We propose an econometric panel data with corporate bond spreads of CEMBI Broad Diversified Index in the period of 2002-2011 to twenty emerging economies. The sovereigns analyzed: Argentina, Brazil, Chile, China, Colombia, India, Indonesia, Kazakhstan, South Korea, Malaysia, Mexico, Peru, Philippines, Russia, Singapore, South Africa, Thailand, Turkey, Ukraine and Venezuela corresponded to roughly 80% of CEMBI Broad Diversified Index in July 2013. We conclude that policies that promote financial liberalization, capital openness, fiscal austerity, development of domestic financial system and improve governance institutional characteristics as rule of law and regulatory quality have the potential to reduce emerging market corporate bond spreads, especially in moments of global risk aversion. Results indicate that initiatives looking forward the improvement of institutional government apparatus and capital market development may help emerging market companies to increase the share of private capital investment.
Schlagwörter: 
corporations
emerging markets
CEMBI
institutional characteristics
private investments
JEL: 
G15
G18
G38
Dokumentart: 
Working Paper

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