U.S. Real Interest Rates and Default Risk in Emerging Economies
利用异方差识别方法，实证发现美国实际利率的政策性上升会显著提高新兴经济体的主权违约风险，但整体相关性为负，表明其他变量的影响更占主导。
This paper empirically investigates the impact of changes in U.S. real interest rates on sovereign default risk in emerging economies using the method of identification through heteroskedasticity. Policy‐induced increases in U.S. interest rates starkly raise default risk in emerging market economies. However, the overall correlation between U.S. real interest rates and the risk of default is negative, demonstrating that the effects of other variables dominate the anterior relationship.