Brady Bonds and Default Probabilities

Brady Bonds and Default Probabilities
This paper computes the default probabilities implicit in the prices of Brady bonds of seven developing countries and examines the factors that determine the high cross-correlation of the probability paths. The term structure of U.S. interest rates and the ratio of long-term foreign debt to GDP, together with a developing market index, explain... READ MORE...

Publication date: February 1998
ISBN 9781451843378
$15.00

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