How Private Creditors Fared in Emerging Debt Markets, 1970-2000

Preprint OPEN
Jeronimo Zettelmeyer; Beatrice Weder; Christoph A Klingen;
(2004)
  • Subject: crises; returns capital flows; sovereign debt | Algeria;Argentina;Brazil;Capital flows;Chile;Colombia;Debt;Ecuador;Sovereign debt;Peru;Philippines;Panama;Pakistan;Indonesia;Malaysia;Lebanon;Korea, Republic of;Jordan;Mexico;Nigeria;Morocco;Thailand;Turkey;Venezuela;crises, returns capital flows, bonds, bond, creditors, debt stock, debt crises, returns,
    • jel: jel:F34 | jel:F21

We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond. This reflects the com... View more
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