IDEAS home Printed from https://ideas.repec.org/p/chb/bcchwp/332.html
   My bibliography  Save this paper

Spreads Soberanos: ¿Diferencian los Inversionistas Internacionales entre Economías Emergentes?

Author

Listed:
  • Valentín Délano
  • Felipe Jaque

Abstract

This paper examines the global investors’ behavior related to emerging markets assets, controlling by credit rating. Hence, a particular interest is set on reviewing whether these global agents do differentiate between investment grade and non-investment grade emerging economies once they face shocks to international financial markets. It is interesting to explore how these investors look at Chile in comparison to other emerging economies both ranked in a similar credit rating notch and neighbor ones. Thus, this study aim at analyzing the main hypotheses raised on investment differentiation by credit rating and inter-regional contagion based upon the performance of the sovereign spread volatility of emerging markets economies. The main results support the hypothesis that a clear differentiation from global investors about emerging markets cannot be observed during tranquil periods. However, a higher preference can be observed for better credit rating assets under periods of turbulence in the international financial markets.

Suggested Citation

  • Valentín Délano & Felipe Jaque, 2005. "Spreads Soberanos: ¿Diferencian los Inversionistas Internacionales entre Economías Emergentes?," Working Papers Central Bank of Chile 332, Central Bank of Chile.
  • Handle: RePEc:chb:bcchwp:332
    as

    Download full text from publisher

    File URL: http://si2.bcentral.cl/public/pdf/documentos-trabajo/pdf/dtbc332.pdf
    Download Restriction: no

    References listed on IDEAS

    as
    1. Kaminsky, Graciela L. & Reinhart, Carmen M., 2000. "On crises, contagion, and confusion," Journal of International Economics, Elsevier, vol. 51(1), pages 145-168, June.
    2. Roberto Rigobon, 2002. "Contagion: How to Measure It?," NBER Chapters,in: Preventing Currency Crises in Emerging Markets, pages 269-334 National Bureau of Economic Research, Inc.
    3. Valentín Délano & Jorge Selaive, 2005. "Spreads Soberanos: Una Aproximación Factorial," Working Papers Central Bank of Chile 309, Central Bank of Chile.
    4. Mico Loretan & William B. English, 2000. "Evaluating "correlation breakdowns" during periods of market volatility," International Finance Discussion Papers 658, Board of Governors of the Federal Reserve System (U.S.).
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rodrigo Alfaro & Natán Goldberger, 2012. "Cubrir o no Cubrir: ¿Ese es el Dilema?," Working Papers Central Bank of Chile 662, Central Bank of Chile.
    2. Álvaro García & Valentina Paredes, 2006. "Sovereign Spreads and Contagion Effect," Working Papers Central Bank of Chile 385, Central Bank of Chile.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:chb:bcchwp:332. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudio Sepulveda). General contact details of provider: http://edirc.repec.org/data/bccgvcl.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.