Country-Risk Premium in the Periphery and the International Financial Cycle 1999-20191
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| Format: | Artículo científico |
| Language: | en |
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Universidad Nacional Autónoma de México
2020
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| author | Gabriel Aidar |
| author_facet | Gabriel Aidar |
| contents | Country-Risk Premium in the Periphery and the International Financial Cycle 1999-20191 Gabriel Aidar Julia Braga Economía y Finanzas E52 F32 G15 financial flow Monetary policy In the context of the pull-push debate on the weight that external or internal factors have in the behavior of capital flows, this article aims to empirically assess the extent to which the push factors linked to global liquidity determine the changes in the risk premium of a set of countries of the periphery in the period 1999-2019. We also test for a structural change in the premium risk series in 2003. We find that push factors play a predominant role (compared to pull factors) in explaining country-risk spreads changes in our selected set of peripheral countries and that there was indeed a substantial general reduction in country-risk premia after 2003. The results are in agreement both with the view that cycles in peripheral economies are subordinated to global financial cycles and also that such global conditions substantially improved compared to the 1990s. 2020 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60171805005 https://www.redalyc.org/journal/601/60171805005/ https://www.redalyc.org/journal/601/60171805005/html/ https://www.redalyc.org/journal/601/60171805005/60171805005.epub https://www.redalyc.org/journal/601/60171805005/movil 10.22201/fe.01851667p.2020.313.76066 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.313 Vol.LXXIX |
| format | Artículo científico |
| id | redalyc_60171805005 |
| institution | Redalyc |
| language | en |
| publishDate | 2020 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | Country-Risk Premium in the Periphery and the International Financial Cycle 1999-20191 Gabriel Aidar Economía y Finanzas E52 F32 G15 financial flow Monetary policy Country-Risk Premium in the Periphery and the International Financial Cycle 1999-20191 Gabriel Aidar Julia Braga Economía y Finanzas E52 F32 G15 financial flow Monetary policy In the context of the pull-push debate on the weight that external or internal factors have in the behavior of capital flows, this article aims to empirically assess the extent to which the push factors linked to global liquidity determine the changes in the risk premium of a set of countries of the periphery in the period 1999-2019. We also test for a structural change in the premium risk series in 2003. We find that push factors play a predominant role (compared to pull factors) in explaining country-risk spreads changes in our selected set of peripheral countries and that there was indeed a substantial general reduction in country-risk premia after 2003. The results are in agreement both with the view that cycles in peripheral economies are subordinated to global financial cycles and also that such global conditions substantially improved compared to the 1990s. 2020 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60171805005 https://www.redalyc.org/journal/601/60171805005/ https://www.redalyc.org/journal/601/60171805005/html/ https://www.redalyc.org/journal/601/60171805005/60171805005.epub https://www.redalyc.org/journal/601/60171805005/movil 10.22201/fe.01851667p.2020.313.76066 en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.313 Vol.LXXIX |
| title | Country-Risk Premium in the Periphery and the International Financial Cycle 1999-20191 |
| topic | Economía y Finanzas E52 F32 G15 financial flow Monetary policy |
| url | https://www.redalyc.org/articulo.oa?id=60171805005 https://www.redalyc.org/journal/601/60171805005/ https://www.redalyc.org/journal/601/60171805005/html/ https://www.redalyc.org/journal/601/60171805005/60171805005.epub https://www.redalyc.org/journal/601/60171805005/movil |