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Bond Yields in Emerging Economies
Laura JaramilloAnke Weber
其他書名
It Matters What State You Are In
出版International Monetary Fund, 2012-08-01
主題Business & Economics / Investments & Securities / BondsBusiness & Economics / Public FinanceBusiness & Economics / Finance / General
ISBN14755054859781475505481
URLhttp://books.google.com.hk/books?id=hlUZEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋While many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic bond yields in emerging economies depends on the level of global risk aversion. During tranquil times in global markets, fiscal variables do not seem to be a significant determinant of domestic bond yields in emerging economies. However, when market participants are on edge, they pay greater attention to country-specific fiscal fundamentals, revealing greater alertness about default risk.