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IMF Working Papers
This paper empirically analyzes how exchange rate policy a¤ects the issuance and pricing of international bonds for developing countries. We ...nd that countries with less ‡exible exchange rate regimes pay higher sovereign bond spreads and are less likely to issue bonds. Quantitatively, changing a free- ‡oating regime to a ...xed regime decreases the likelihood of bond issuance by 4.6% and increases the bond spread by 1.3% on average. Furthermore, countries with real exchange rate overvaluationdoi:10.5089/9781451874822.001 fatcat:iwuv7jb43zhinjtm2llfhihjha