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- Positive (negative) FIR is a dummy variable that equals 1 when FIR is greater (smaller) than 0. 2009-2012, 2013-2016 are dummy variables that equal 1 when the observation is from a date included in the corresponding time interval. Long-Term is a dummy that equals 1 when the bond has less than 5 years of life to maturity; Medium-Term is a dummy that equals 1 when the bond has 5 to 10 years of life to maturity. Long-Term equals 1 when the bond matures in more than 10 years. Bonds in GBI-EM and Bonds not in GBI-EM denote bonds that are included or not included in the index, respectively. Standard errors in parentheses are clustered at the country-by-years-to-maturity level in the regressions on price and spread. Robust standard errors are used in the exchange-rate regressions. *** p< 0.01, ** p< 0.05, and *p< 0.10.
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