title   
  

The relationship between sovereign spreads and international reserves: does the exchange rate regime matter?

Gümüş, İnci (2016) The relationship between sovereign spreads and international reserves: does the exchange rate regime matter? Emerging Markets Finance and Trade, 52 (3). pp. 658-673. ISSN 1540-496X (Print) 1558-0938 (Online)

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Official URL: http://dx.doi.org/10.1080/1540496X.2014.998534

Abstract

International reserves have been put forward as an important factor affecting sovereign spreads in the literature. This article empirically analyzes whether the relationship between international reserves and sovereign spreads depends on exchange rate policy in emerging markets. The analysis is carried out using exchange rate classifications based on both the officially declared regimes and the actual exchange rate behavior. The results show that international reserves reduce sovereign spreads for all levels of exchange rate flexibility using both classifications. Reserves have a similar effect on spreads for all exchange rate categories, except for hard pegs, under which the effect is larger.

Item Type:Article
Uncontrolled Keywords:international reserves; sovereign spreads; exchange rate regimes; emerging markets
Subjects:H Social Sciences > HB Economic Theory
ID Code:29954
Deposited By:İnci Gümüş
Deposited On:10 Nov 2016 10:55
Last Modified:10 Nov 2016 10:55

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