01986cas a2200313 a 4500 AALejournalIMF021638 230101c9999 xx r poo 0 0eng d 18.00 USD 9781513573410 1018-5941 BD-DhAAL BD-DhAAL Li, Delong. The Long-Run Impact of Sovereign Yields on Corporate Yields in Emerging Markets / Delong Li, Nicolas Magud, Alejandro Werner, Samantha Witte. Washington, D.C. : International Monetary Fund, 2021. 1 online resource (51 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 We analyze the long-run impact of emerging-market sovereign bond yields on corporate bond yields, finding that the average pass-through is around one. The pass-through is larger in countries with greater sovereign risks and where sovereign bonds are more liquid. It is also greater for corporate bonds with lower ratings, shorter maturities, and for those issued by financial companies and government-related firms. Our results support theoretical arguments that corporate and sovereign yields are linked together through credit risks and liquidity premiums. Consequently, high sovereign risks may slowdown growth by persistently increasing private sector borrowing costs. Mode of access: Internet Foreign Exchange imf Informal Economy imf Underground Econom imf Magud, Nicolas. Werner, Alejandro. Witte, Samantha. IMF Working Papers; Working Paper ; No. 2021/155 Full text available on IMF http://elibrary.imf.org/view/journals/001/2021/155/001.2021.issue-155-en.xml IMF e-Library