The international transmission of risk : causal relations among developed and emerging countries' term premia

Borradores de Economia
Number: 
869
Published: 
Classification JEL: 
E43, F36, C22
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy

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We study the effect of shocks to the United States government bonds term premium on Latin American government bonds term premia. For doing so, we compute dynamic multipliers. Our main findings indicate that Latin American countries' term premia respond pe