board of governors the federal reserve system international finance discussion papers number 653 november 1999 evolution and determinants emerging market credit spreads in 1990s steven b kamin karsten von kleist note are preliminary materials circulated to stimulate critical comment references publications other than an acknowledgment that writer has had access unpublished material should be cleared with author or authors recent ifdps available on web at www bog frb fed us abstract this paper develops measures for based data new bond issues bank loans cover a broader range borrowers brady most commonly used date these identify impacts ratings maturity currency denomination we find important regional differences across developing world even after controlling risk also during up until advent
