RT Journal Article SR Electronic T1 U.S. Interest Rates and Emerging Market Bond
Yield Spreads: A Changing Relationship? JF The Journal of Fixed Income FD Institutional Investor Journals SP 48 OP 52 DO 10.3905/jfi.2013.22.4.048 VO 22 IS 4 A1 Cheikh A. Gueye A1 Amadou N.R. Sy YR 2013 UL https://pm-research.com/content/22/4/48.abstract AB The empirical evidence on the impact of international interest rates on emerging market (EM) bond spreads is mixed. In this article, we closely examine the 2000–2009 period and find a negative relationship between U.S. interest rates and EM bond spreads. We argue that the relationship between U.S. short rates and EM bond spreads is unstable and can change depending on how other “push” and “pull” factors, such as investors’ appetite for risk and emerging markets’ economic fundamentals, interact.TOPICS: Fixed income and structured finance, emerging