Unité mixte de recherche 7235

Sovereign spreads in emerging economies: do natural resources matter?

Magali Dauvin

[en]Natural resource prices have been plunging since early 2014, constituing a threat to emerging markets whose revenues mainly stem from commodity exports. Within this context, the purpose of this paper is to investigate to what extent commodities are reflected in financial markets’ assessment of emerging country risk, and if a special premium is added for commodity exporters. We focus on 22 emerging markets sovereign spreads and assess how prices and their commodity trade structure are gauged by investors. Our results indicate that commodity prices are relevant for exporters, as they help relaxing the credit constraint in periods of increasing prices. As for resourcepoor countries, they are of no importance when assessing sovereign risk. Also, global financial markets do not pay attention to dependence on natural resources although they are now suffering from collapsing prices. Finally, high variations in commodity prices are not particularly reflected in the way markets assess sovereign risk.[/en]

AGENDA

mardi 17 mai 2022

Rencontres économiques

9h30 à 11h30

Comment se débarrasser des énergies fossiles et développer les énergies renouvelables dans un monde en crise ?

jeudi 19 mai 2022

Lunch

Christophe Blot

Are all central bank asset purchases the same?

lundi 23 mai 2022

Law, Institutions and Economics in Nanterre (LIEN)

Clara Jean (Grenoble Ecole de Management)

The Value of Your Data: Privacy and Personal Data Exchange Networks

mardi 24 mai 2022

Recherche et Economie et Socioéconomie Politique, des Institutions et des Régulations (RESPIR)

Alice Sindzingre (CEPN) et Fabrice Tricou

De 13h30 à 15h30

Six forms of hierarchy for a theoretical analysis of capitalism

lundi 30 mai 2022

Law, Institutions and Economics in Nanterre (LIEN)

Antoine Dubus (ETH Zurich)

Salle G110

Data Driven Mergers and Acquisitions with Information Synergies

mardi 31 mai 2022

Series of Webinars on Economics of Environment, Energy and Transport (SWEEET)

Juan Pablo Montero (PUC)

TBA

jeudi 9 juin 2022

Lunch

Rémi Generoso

TBA

jeudi 9 juin 2022

Groupe de travail « Intelligence artificielle »

Hugo Le Picard (IFRI)

Salle G614B

Le deep learning au service de l’analyse des énergies renouvelables en Afrique

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