@article{article_1534545, title={Yield-to-maturity on Sovereign Eurobonds and foreign-currency Sovereign borrowing in EMEs}, journal={ODTÜ Gelişme Dergisi}, volume={52}, pages={181–202}, year={2025}, author={Tugan, Mustafa}, keywords={YPE hazine eurobondları faiz oranları, YPE hazine borçlanmasında döviz ve yerli paranın payları, kurumsal gelişmişlik, Türkiye’de para politikası}, abstract={This paper studies the main determinants of the yield-to-maturity of Emerging Market Economies (EMEs)’ Sovereign Eurobonds and emphasizes that not only the share of total government debt in GDP but also its decomposition into foreign-currency-denominated and domestic-currency-denominated debt matters for the yields to maturity in question. Indeed, while an increase in the ratio of domestic-currency-denominated sovereign debt to GDP has no significant effect on the yield to maturity of EMEs’ Sovereign Eurobonds, an increase in the ratio of foreign-currency-denominated sovereign debt to GDP leads to a significant rise in the yield to maturity of EME Sovereign Eurobonds. This significant effect of the foreign-currency-denominated Sovereign debt on the yield to maturity of EME Sovereign Eurobonds holds even when we control for institutional quality in EMEs.}, number={1}, publisher={Orta Doğu Teknik Üniversitesi}