primarily determined by unmeasurable non-economic events such as the domestic political climate in borrowing countries or changes in the substitutability of loans for other assets. This study identifies empirically the measurable indicators that move secondary market sovereign loan prices. A panel of secondary market price changes encompassing 21 sovereign borrowers over a 43-month interval is used in the analysis. 3/ The responsiveness of debt price changes to three classes of economic news is estimated. The hypothesis that debt prices are impacted by unexpected
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