01954cas a2200265 a 4500 AALejournalIMF001411 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451859652 1018-5941 BD-DhAAL BD-DhAAL Yafeh, Yishay. Emerging Market Spreads : Then Versus Now / Yishay Yafeh, Paolo Mauro, Nathan Sussman. Washington, D.C. : International Monetary Fund, 2000. 1 online resource (46 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes yield spreads on sovereign debt issued by emerging markets using modern data from the 1990s and newly-collected historical data on debt traded in London during 1870-1913, a previous 'golden era' for international capital market integration. Applying several empirical approaches, we show that the co-movement of spreads across emerging markets is higher today than it was in the historical sample. We also show that sharp changes in spreads today tend to be mostly related to global events, whereas country-specific events played a bigger role in 1870-1913. Although we find some evidence that economic fundamentals, too, co-move more strongly today than at that earlier time, our interpretation of the results is that today's investors pay less attention to country-specific events than their predecessors did in 1870-1913. Mode of access: Internet Mauro, Paolo. Sussman, Nathan. IMF Working Papers; Working Paper ; No. 2000/190 Full text available on IMF http://elibrary.imf.org/view/journals/001/2000/190/001.2000.issue-190-en.xml IMF e-Library