登入
選單
返回
Google圖書搜尋
U.S. Investment in Global Bonds
John D. Burger
Rajeswari Sengupta
Francis E. Warnock
Veronica Cacdac Warnock
其他書名
As the Fed Pushes, Some EMEs Pull
出版
National Bureau of Economic Research
, 2014
URL
http://books.google.com.hk/books?id=E0yF0AEACAAJ&hl=&source=gbs_api
註釋
We analyze reallocations within the international bond portfolios of US investors. The most striking empirical observation is a steady increase in US investors' allocations toward emerging market local currency bonds, unabated by the global financial crisis and accelerating in the post-crisis period. Part of the increase in EME allocations is associated with global "push" factors such as low US long-term interest rates and unconventional monetary policy as well as subdued risk aversion/expected volatility. But also evident is investor differentiation among EMEs, with the largest reallocations going to those EMEs with strong macroeconomic fundamentals such as more positive current account balances, less volatile inflation, and stronger economic growth. We also provide a descriptive analysis of global bond markets' structure and returns.