Publications Working Papers Excess Returns on Emerging Market Bonds and the Framework for Sovereign Debt Res...
Excess Returns on Emerging Market Bonds and the Framework for Sovereign Debt Restructuring
Working Paper #155
This paper examines the emerging market bonds from the early 1990s to mid 2000s to better understand how risk is shared between a debtor and its creditors under the current international process for sovereign bankruptcy. Two distinct, but related, questions are asked: how much have creditors have been able to recover on their investments in the case of restructurings, and, more broadly, whether the emerging bond market has paid investors an excess return over time.
About the Author
Shari Spiegel
Senior Economic Affairs Officer
UN DESA
Shari Spiegel joined UN DESA as a Senior Economic Affairs Officer in May 2010. She is co-author and co-editor of several of books and articles on capital and financial markets, debt and macroeconomics. She served as Executive Director of the Initiative for Policy Dialogue (IPD). She has extensive experience at the private sector, most recently as a Principal at New Holland Capital and as head of fixed-income emerging markets at Lazard Asset Management. She also served as an advisor to the Hungarian Central Bank in the early 1990s.
Publication Information
| Type | Working Paper |
| Program | Debt Restructuring and Sovereign Bankruptcy |
| Posted | 09/18/08 |
| Download | 168kb pdf |
| # Pages | 36 |