The Future of China's Bond Market

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Author :
Publisher : International Monetary Fund
ISBN 13 : 151358278X
Total Pages : 52 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis The Future of China's Bond Market by : Mr. Alfred Schipke

Download or read book The Future of China's Bond Market written by Mr. Alfred Schipke and published by International Monetary Fund. This book was released on 2019-03-13 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.

Banks, Government Bonds, and Default

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1498391990
Total Pages : 53 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Banks, Government Bonds, and Default by : Nicola Gennaioli

Download or read book Banks, Government Bonds, and Default written by Nicola Gennaioli and published by International Monetary Fund. This book was released on 2014-07-08 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks increase their exposure to public bonds, especially large banks and when expected bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign defaults. This correlation is mostly due to bonds acquired in pre-default years. These findings shed light on alternative theories of the sovereign default-banking crisis nexus.

Tracking Global Demand for Advanced Economy Sovereign Debt

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1475596405
Total Pages : 62 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Tracking Global Demand for Advanced Economy Sovereign Debt by : Mr.Serkan Arslanalp

Download or read book Tracking Global Demand for Advanced Economy Sovereign Debt written by Mr.Serkan Arslanalp and published by International Monetary Fund. This book was released on 2012-12-03 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent events have shown that sovereigns, just like banks, can be subject to runs, highlighting the importance of the investor base for their liabilities. This paper proposes a methodology for compiling internationally comparable estimates of investor holdings of sovereign debt. Based on this methodology, it introduces a dataset for 24 major advanced economies that can be used to track US$42 trillion of sovereign debt holdings on a quarterly basis over 2004-11. While recent outflows from euro periphery countries have received wide attention, most sovereign borrowers have continued to increase reliance on foreign investors. This may have helped reduce borrowing costs, but it can imply higher refinancing risks going forward. Meanwhile, advanced economy banks’ exposure to their own government debt has begun to increase across the board after the global financial crisis, strengthening sovereign-bank linkages. In light of these risks, the paper proposes a framework—sovereign funding shock scenarios (FSS)—to conduct forward-looking analysis to assess sovereigns’ vulnerability to sudden investor outflows, which can be used along with standard debt sustainability analyses (DSA). It also introduces two risk indices—investor base risk index (IRI) and foreign investor position index (FIPI)—to assess sovereigns’ vulnerability to shifts in investor behavior.

Guidance Note For Developing Government Local Currency Bond Markets

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1513573926
Total Pages : 157 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Guidance Note For Developing Government Local Currency Bond Markets by : International Monetary Fund

Download or read book Guidance Note For Developing Government Local Currency Bond Markets written by International Monetary Fund and published by International Monetary Fund. This book was released on 2021-03-12 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt: This guidance note was prepared by International Monetary Fund (IMF) and World Bank Group staff under a project undertaken with the support of grants from the Financial Sector Reform and Strengthening Initiative, (FIRST).The aim of the project was to deliver a report that provides emerging market and developing economies with guidance and a roadmap in developing their local currency bond markets (LCBMs). This note will also inform technical assistance missions in advising authorities on the formulation of policies to deepen LCBMs.

Committee on Foreign Investment in the United States (CFIUS)

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Author :
Publisher :
ISBN 13 : 9781437927078
Total Pages : 21 pages
Book Rating : 4.9/5 (27 download)

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Book Synopsis Committee on Foreign Investment in the United States (CFIUS) by : James K. Jackson

Download or read book Committee on Foreign Investment in the United States (CFIUS) written by James K. Jackson and published by . This book was released on 2010-10 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: CFIUS is comprised of 9 members, two ex officio members, and other members as appointed by the Pres. representing major departments and agencies within the Exec. Branch. While the group generally has operated in relative obscurity, the proposed acquisition of commercial operations at six U.S. ports by Dubai Ports World in 2006 placed the group¿s operations under intense scrutiny. Contents of this report: Background; Establishment of CFIUS; The ¿Exon-Florio¿ Provision; Treasury Dept. Regulations; The ¿Byrd Amendment¿; The Amended CFIUS Process; Procedures; Factors for Consideration; Confidentiality Require.; Mitigation and Tracking; Congressional Oversight; CFIUS Since Exon-Florio; Impact of the Exon-Florio Process on CFIUS. Illus.

Financial Report of the United States Government

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Author :
Publisher :
ISBN 13 :
Total Pages : 192 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Financial Report of the United States Government by :

Download or read book Financial Report of the United States Government written by and published by . This book was released on 2007 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

International Reserves and Foreign Currency Liquidity

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Publisher : International Monetary Fund
ISBN 13 : 1484350162
Total Pages : 258 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis International Reserves and Foreign Currency Liquidity by : International Monetary Fund. Statistics Dept.

Download or read book International Reserves and Foreign Currency Liquidity written by International Monetary Fund. Statistics Dept. and published by International Monetary Fund. This book was released on 2015-01-07 with total page 258 pages. Available in PDF, EPUB and Kindle. Book excerpt: This update of the guidelines published in 2001 sets forth the underlying framework for the Reserves Data Template and provides operational advice for its use. The updated version also includes three new appendices aimed at assisting member countries in reporting the required data.

Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1475577583
Total Pages : 37 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market by : Yinqiu Lu

Download or read book Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market written by Yinqiu Lu and published by International Monetary Fund. This book was released on 2017-02-10 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia’s financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a focus on foreign investors. As this fixed-income market has experienced a liberalization of the domestic trading and settlement infrastructure, and weathered several episodes of market stresses since the 2008–09 global financial crisis, the role of foreign investors can be observed along with these events. What we have found is that foreign investors had influenced the market before they became an important player and since then they have contributed to the development of the market while not necessarily destabilizing it in episodes of shocks.

Foreign Bonds: An Autopsy

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Author :
Publisher : Beard Books
ISBN 13 : 9781893122437
Total Pages : 320 pages
Book Rating : 4.1/5 (224 download)

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Book Synopsis Foreign Bonds: An Autopsy by : Max Winkler

Download or read book Foreign Bonds: An Autopsy written by Max Winkler and published by Beard Books. This book was released on 1999-12 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Microstructure of Government Securities Markets

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Author :
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Microstructure of Government Securities Markets by : Mr.Peter Dattels

Download or read book The Microstructure of Government Securities Markets written by Mr.Peter Dattels and published by International Monetary Fund. This book was released on 1995-11 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.

The Corporation of Foreign Bondholders

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Publisher : International Monetary Fund
ISBN 13 : 1451853009
Total Pages : 32 pages
Book Rating : 4.4/5 (518 download)

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Book Synopsis The Corporation of Foreign Bondholders by : Mr.Paolo Mauro

Download or read book The Corporation of Foreign Bondholders written by Mr.Paolo Mauro and published by International Monetary Fund. This book was released on 2003-05-01 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the Corporation of Foreign Bondholders (CFB), an association of British investors holding bonds issued by foreign governments. The CFB played a key role during the heyday of international bond finance, 1870-1913, and in the aftermath of the defaults of the 1930s. It fostered coordination among creditors, especially in cases of default, arranging successfully for many important debt restructurings, though failing persistently in a few cases. While a revamped creditor association might once again help facilitate creditor coordination, the relative appeal of defection over coordination is greater today than it was in the past. The CFB may have had an easier time than any comparable body would have today.

United States Attorneys' Manual

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Publisher :
ISBN 13 :
Total Pages : 720 pages
Book Rating : 4.3/5 ( download)

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Book Synopsis United States Attorneys' Manual by : United States. Department of Justice

Download or read book United States Attorneys' Manual written by United States. Department of Justice and published by . This book was released on 1985 with total page 720 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Open Doors

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Publisher : Rowman & Littlefield
ISBN 13 : 9780815798132
Total Pages : 452 pages
Book Rating : 4.7/5 (981 download)

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Book Synopsis Open Doors by : Robert E. Litan

Download or read book Open Doors written by Robert E. Litan and published by Rowman & Littlefield. This book was released on 2004-05-13 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press, the World Bank, and the International Monetary Fund publication The extensive reforms and liberalization of financial services in emerging markets worldwide call for cutting-edge strategies to capture the benefits of new investment opportunities. In Open Doors, a volume of papers from the third annual Financial Markets and Development conference, multidisciplinary financial sector experts analyze current economic and political trends and prescribe practical advice to the financial development community. The book addresses the key issues of concern regarding the emerging markets, including the trends, motivations, and scope of FDI in finance; policy options that will best capture the opportunities of foreign entry; and the role of foreign institutions in e-finance innovation. The authors focus on specific topics such as foreign participation in emerging market banking systems and securities industries, WTO policies and enforcement, the role of foreign banks, liberalization of insurance markets, the need for capital markets, and the policy, regulatory, and legal issues associated with e-finance. For policymakers and financial practitioners affected by the WTO's Financial Services Agreement, this timely book should be of particular interest. Contributors include Donald Mathieson (International Money Fund), Pierre Sauvé (Trade Directorate, OECD), George J. Vojta (formerly with Bankers Trust and Citibank), Harold D. Skipper (J. Mack Robinson College of Business, Georgia State University), Benn Steil (Council on Foreign Relations), Morris Goldstein and Edward M. Graham (Institute for International Economics), Nicolas Lardy (Brookings Institution), Phillip Turner (Bank of International Settlements), and Robert Ledig (Fried, Frank, Shriver & Jacobson).

Tracking Global Demand for Emerging Market Sovereign Debt

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Author :
Publisher : International Monetary Fund
ISBN 13 : 1484326547
Total Pages : 50 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Tracking Global Demand for Emerging Market Sovereign Debt by : Mr.Serkan Arslanalp

Download or read book Tracking Global Demand for Emerging Market Sovereign Debt written by Mr.Serkan Arslanalp and published by International Monetary Fund. This book was released on 2014-03-05 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced economies (Arslanalp and Tsuda, 2012). The estimates are constructed on a quarterly basis from 2004 to mid-2013 and are available along with the paper in an online dataset. We estimate that about half a trillion dollars of foreign flows went into emerging market government debt during 2010–12, mostly coming from foreign asset managers. Foreign central bank holdings have risen as well, but remain concentrated in a few countries: Brazil, China, Indonesia, Poland, Malaysia, Mexico, and South Africa. We also find that foreign investor flows to emerging markets were less differentiated during 2010–12 against the background of near-zero interest rates in advanced economies. The paper extends some of the indicators proposed in our earlier paper to show how the investor base data can be used to assess countries’ sensitivity to external funding shocks and to track foreign investors’ exposures to different markets within a global benchmark portfolio.

U.S. Regulation of the International Securities and Derivatives Markets

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Author :
Publisher : Aspen Law & Business Publishers
ISBN 13 :
Total Pages : 254 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis U.S. Regulation of the International Securities and Derivatives Markets by :

Download or read book U.S. Regulation of the International Securities and Derivatives Markets written by and published by Aspen Law & Business Publishers. This book was released on 2002 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Federal Reserve System Purposes and Functions

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Publisher :
ISBN 13 : 9780894991967
Total Pages : 0 pages
Book Rating : 4.9/5 (919 download)

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Book Synopsis The Federal Reserve System Purposes and Functions by : Board of Governors of the Federal Reserve System

Download or read book The Federal Reserve System Purposes and Functions written by Board of Governors of the Federal Reserve System and published by . This book was released on 2002 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

American Bonds

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Publisher : Princeton University Press
ISBN 13 : 0691185611
Total Pages : 310 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis American Bonds by : Sarah L. Quinn

Download or read book American Bonds written by Sarah L. Quinn and published by Princeton University Press. This book was released on 2019-07-16 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: How the American government has long used financial credit programs to create economic opportunities Federal housing finance policy and mortgage-backed securities have gained widespread attention in recent years because of the 2008 financial crisis, but issues of government credit have been part of American life since the nation’s founding. From the 1780s, when a watershed national land credit policy was established, to the postwar foundations of our current housing finance system, American Bonds examines the evolution of securitization and federal credit programs. Sarah Quinn shows that since the Westward expansion, the U.S. government has used financial markets to manage America’s complex social divides, and politicians and officials across the political spectrum have turned to land sales, home ownership, and credit to provide economic opportunity without the appearance of market intervention or direct wealth redistribution. Highly technical systems, securitization, and credit programs have been fundamental to how Americans determined what they could and should owe one another. Over time, government officials embraced credit as a political tool that allowed them to navigate an increasingly complex and fractured political system, affirming the government’s role as a consequential and creative market participant. Neither intermittent nor marginal, credit programs supported the growth of powerful industries, from railroads and farms to housing and finance; have been used for disaster relief, foreign policy, and military efforts; and were promoters of amortized mortgages, lending abroad, venture capital investment, and mortgage securitization. Illuminating America’s market-heavy social policies, American Bonds illustrates how political institutions became involved in the nation’s lending practices.