{
  "title": "How Private Creditors Fared in Emerging Debt Markets, 1970-2000",
  "publication": "IMF Working Papers, January 1, 2004",
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  "summary": "We estimate ex post returns to emerging market debt by combining secondary-market prices with observed flows based on World Bank data. From 1970-2000, returns averaged 9 percent per annum, about the same as returns on a ten-year U.S. treasury bond.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Returns on emerging market debt from 1970-2000 averaged 9 percent per annum.\n- The 1970-2000 return profile reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000.\n- Returns over 1970-2000 were about the same as returns on a ten-year U.S. treasury bond.\n- Annual returns since 1986 have been:\n  - Less volatile than emerging market equity returns.\n  - More volatile than returns on U.S. corporate bonds or high-yield bonds.\n- Emerging market debt returns do not seem significantly correlated with U.S. or world stock markets."
    },
    {
      "heading": "Methodology and scope",
      "content": "- Ex post returns were estimated by combining secondary-market prices with observed flows based on World Bank data.\n- Time horizon analyzed: 1970-2000.\n- Comparative benchmarks referenced: ten-year U.S. treasury bond, emerging market equity returns, U.S. corporate bonds, high-yield bonds, U.S. and world stock markets."
    },
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      "content": "- Publication type: IMF Working Paper.\n- Authors: Jeromin Zettelmeyer, Beatrice Weder, Christoph A Klingen.\n- Date: January 1, 2004.\n- Pages: 60.\n- Volume: 2004.\n- Issue: 013.\n- Series: Working Paper No. 2004/013.\n- Stock No: WPIEA0132004.\n- ISBN: 9781451843033.\n- ISSN: 1018-5941.\n\nHow Private Creditors Fared in Emerging Debt Markets, 1970-2000, Jeromin Zettelmeyer, Beatrice Weder, Christoph A Klingen, IMF Working Paper 2004/013.\n\n---\n\n Content in this bundle\n\n- wp0413\n  - wp0413 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp0413 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/30/how-private-creditors-fared-in-emerging-debt-markets-1970-2000-17107"
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    "Authors: Jeromin Zettelmeyer, Beatrice Weder, Christoph A Klingen",
    "Published: January 1, 2004",
    "Series: IMF Working Papers",
    "Returns on emerging market debt from 1970-2000 averaged 9 percent per annum.",
    "The 1970-2000 return profile reflects the combined effect of the 1980s debt crisis and much higher returns during 1989-2000.",
    "Returns over 1970-2000 were about the same as returns on a ten-year U.S. treasury bond.",
    "Annual returns since 1986 have been:",
    "Emerging market debt returns do not seem significantly correlated with U.S. or world stock markets.",
    "Ex post returns were estimated by combining secondary-market prices with observed flows based on World Bank data.",
    "Time horizon analyzed: 1970-2000.",
    "Comparative benchmarks referenced: ten-year U.S. treasury bond, emerging market equity returns, U.S. corporate bonds, high-yield bonds, U.S. and world stock markets.",
    "Publication type: IMF Working Paper.",
    "Authors: Jeromin Zettelmeyer, Beatrice Weder, Christoph A Klingen.",
    "Date: January 1, 2004.",
    "Pages: 60.",
    "Volume: 2004.",
    "Issue: 013.",
    "Series: Working Paper No. 2004/013.",
    "Stock No: WPIEA0132004.",
    "ISBN: 9781451843033.",
    "ISSN: 1018-5941.",
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