Abstract:We study the sovereign yield spreads determinants in transition -Central and Eastern Europe (CEE) and Caucasus and Central Asia (CCA) --countries and try to provide an answer to the key question: was the narrowing of the spreads and their compression a result of improvement of CEECCA countries sovereign"s macroeconomic policy (implemented in early to mid 2000s), or was it due to global excess liquidity provision? If better domestic macroeconomic policy efforts and solid reforms implemented in this period have … Show more
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