Are Sovereign Debt Secondary Market Returns Sensitive to Macroecoriomic Fundamentals? Evidence from the Contemporary and Interwar Markets

Nopic
The insensitivity of sovereign loan secondary market returns to macroeconomic fundamentals has been attributed to market illiquidity and the absence of publicly reported transactional prices. During the 1920s and 1930s sovereign bonds were traded in an active market and weekly transactional prices were publicly available. This paper shows that... READ MORE...

Publication date: August 1990
ISBN 9781451960624
$10.00

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Publication date: August 1990

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