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 |
| Divisions: | Faculty of Arts and Social Sciences > Academic programs > Economics Faculty of Arts and Social Sciences |
| Depositing User: | İnci Gümüş |
| Date Deposited: | 10 Nov 2016 10:55 |
| Last Modified: | 10 Nov 2016 10:55 |
| URI: | https://research.sabanciuniv.edu/id/eprint/29954 |
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The relationship between sovereign spreads and international reserves: does the exchange rate regime matter? (deposited 20 Nov 2014 15:07)
- The relationship between sovereign spreads and international reserves: does the exchange rate regime matter? (deposited 10 Nov 2016 10:55) [Currently Displayed]
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