TY - BOOK ID - 84541577 TI - On the Information Content of Ldc Secondary Loan Market Prices PY - 1991 SN - 1462398510 1455286788 1281089303 1455220078 9786613774668 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Exports and Imports KW - Industries: Financial Services KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - International Lending and Debt Problems KW - Finance KW - International economics KW - Loans KW - Arrears KW - Financial institutions KW - External debt KW - Debts, External KW - Costa Rica UR - https://www.unicat.be/uniCat?func=search&query=sysid:84541577 AB - This note examines the impact of measurable and unmeasurable (not correlated with observed aggregates) information on secondary market LDC loan prices. The Institutional Investor country risk ratings are used to construct a proxy for the non-quantifiable information that moves debt market values. Regression results indicate that market participants use both macroeconomic aggregates and unmeasurable information to price LDC loans. This implies that price changes unrelated to observables need not raise concerns regarding price reliability, and, in fact, such price movements may well be conveying important information not quantified elsewhere. ER -