Asymmetric Information and Sovereign Debt: Theory Meets Mexican Data
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Using a novel data set containing all bids by all bidders for Mexican government bonds from 2001 to 2017, we demonstrate that asymmetric information about default risk is a key determinant of primary market bond yields. Empirically, large bidders do not pay more for bonds than the average bidder but
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美国国家经济研究局创建时间：
2021-02-01
