The Pricing of Bonds and Bank Loans in International Markets: An Empirical Analysis of Developing Countries' Foreign Borrowing

Sebastian Edwards

No 1689, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The purpose of this paper is to compare the pricing of bank loans and bonds in international markets. The results obtained, using data on LDC debtors, indicate that in both markets the country risk premium has responded to some of the variables suggested by the theory. However, the way in which these variables affect the risk premium differs across these markets. Data on LDC bond yields in the secondary market for 1980-85 are also used to analyze the way in which this market reacted and anticipated the debt crisis.

Date: 1985-08
Note: ITI IFM
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (48)

Published as Edwards, Sebastian. "The Pricing of Bonds and Bank Loans in International Markets: An Empirical Analysis of Developing Countries' Foreign Borrowing," European Economic Review, Vol. 30, No. 3, (June 1986), pp. 565-589.

Downloads: (external link)
http://www.nber.org/papers/w1689.pdf (application/pdf)

Related works:
Journal Article: The pricing of bonds and bank loans in international markets: An empirical analysis of developing countries' foreign borrowing (1986)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:1689

Ordering information: This working paper can be ordered from
http://www.nber.org/papers/w1689

Access Statistics for this paper

More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC.
Bibliographic data for series maintained by ().