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Government Bonds In Domestic And Foreign Currency
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Book Synopsis Government Bonds in Domestic and Foreign Currency by : Daniela Klingebiel
Download or read book Government Bonds in Domestic and Foreign Currency written by Daniela Klingebiel and published by World Bank Publications. This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of government bond markets and, in particular, their currency composition have recently received much interest, partly because of their relation with financial crises. The authors study the determinants of the size and currency composition of government bond markets for a panel of industrial and developing countries. They find that countries with larger economies, greater domestic investor bases, and more flexible exchange rate regimes have larger domestic currency bond markets, while smaller economies rely more on foreign currency bonds. Better institutional frameworks and macroeconomic fundamentals enhance both domestic currency bond markets and increase countries' ability to issue foreign currency bonds, while they raise the share of foreign exchange bonds.
Book Synopsis Government Bonds in Domestic and Foreign Currency by : Stijn Claessens
Download or read book Government Bonds in Domestic and Foreign Currency written by Stijn Claessens and published by . This book was released on 2017 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: The development of government bond markets and, in particular, their currency composition have recently received much interest, partly because of their relation with financial crises. The authors study the determinants of the size and currency composition of government bond markets for a panel of industrial and developing countries. They find that countries with larger economies, greater domestic investor bases, and more flexible exchange rate regimes have larger domestic currency bond markets, while smaller economies rely more on foreign currency bonds. Better institutional frameworks and macroeconomic fundamentals enhance both domestic currency bond markets and increase countries' ability to issue foreign currency bonds, while they raise the share of foreign exchange bonds.
Book Synopsis Government Bonds in Domestic and Foreign Currency by : Stijn Claessens
Download or read book Government Bonds in Domestic and Foreign Currency written by Stijn Claessens and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Government Bonds in Domestic and Foreign Currency by : Stijn Claessens
Download or read book Government Bonds in Domestic and Foreign Currency written by Stijn Claessens and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies how institutional factors affect the size and currency composition of government bonds for a large sample of economies. Important for the debate on limiting financial crises, we find that less flexible exchange rate regimes are associated with larger foreign currency bond markets, suggesting countries either aim to signal their commitment to a fixed exchange rate regime or face moral hazard from international bailouts. We also find evidence that bigger economies with wider domestic investor bases have relatively larger domestic currency and smaller foreign currency bond markets. And foreign investor demand is mainly geared to foreign currency bonds.
Book Synopsis Foreign Participation in Emerging Markets’ Local Currency Bond Markets by : Mr.Shanaka J. Peiris
Download or read book Foreign Participation in Emerging Markets’ Local Currency Bond Markets written by Mr.Shanaka J. Peiris and published by International Monetary Fund. This book was released on 2010-04-01 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates the impact of foreign participation in determining long-term local currency government bond yields and volatility in a group of emerging markets from 2000-2009. The results of a panel data analysis of 10 emerging markets show that greater foreign participation in the domestic government bond market tends to significantly reduce long-term government yields. Moreover, greater foreign participation does not necessarily result in increased volatility in bond yields in emerging markets and, in fact, could even dampen volatility in some instances.
Book Synopsis The International Government Bond Markets by : Frank Joseph Jones
Download or read book The International Government Bond Markets written by Frank Joseph Jones and published by Irwin Professional Publishing. This book was released on 1992 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years there has been an increased awareness of the international bond markets as potential sources of return enhancement and/or risk reduction. As a result, investors throughout the world have increasingly adopted a global approach and invested in bonds from several countries. Governments have encouraged this by liberalizing their bond markets, making them more liquid and more accessible to international investors. Futures and options markets have been developed on government bonds in several major countries, permitting more effective implementation of investment strategies. Many global investors restrict their participation in foreign bond markets to foreign government bonds because of their low credit risk and their liquidity. Because of their crucial role, The International Government Bond Markets by Frank J. Jones and Frank J. Fabozzi focuses on eight of the world's major government bond markets: the U.S., Japan, Germany, the U.K., France, the Netherlands, Canada and Australia. It is the first book that provides a single, unified, succinct source of information about these major government bond markets. The core information is supplemented by the treatment of several other topics of importance and interest to global bond investors. The book is divided into three sections: . Section I provides background information about price yield/conventions, accrued interest calculation, international clearing organizations and global custody. Section II describes the eight government bond markets in terms of: nature of the market (maturity, structure and types of issues); method of issuance (primary market); secondary market; price/yield conventions; settlement procedures; taxation; and futures and options markets. Section III discusses investment strategies, beginning with an overview of the foreign exchange market and instruments for controlling foreign exchange risk, and concluding with a general framework for designing an active global bond portfolio strategy.
Book Synopsis The Development of Domestic Bond Markets: Interpreting the Mexican Experience by : Milan Patel
Download or read book The Development of Domestic Bond Markets: Interpreting the Mexican Experience written by Milan Patel and published by Universal-Publishers. This book was released on 2010-03-22 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Author :International Monetary Fund Publisher :International Monetary Fund ISBN 13 :1513573926 Total Pages :157 pages Book Rating :4.5/5 (135 download)
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.
Book Synopsis Local Currency Bonds and Infrastructure Finance in ASEAN+3 by : Asian Development Bank
Download or read book Local Currency Bonds and Infrastructure Finance in ASEAN+3 written by Asian Development Bank and published by Asian Development Bank. This book was released on 2015-07-01 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian Development Bank (ADB) is working closely with the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China (PRC), Japan, and the Republic of Korea---collectively known as ASEAN+3---to develop local currency bond markets and facilitate regional bond market integration under the Asian Bond Markets Initiative (ABMI). ABMI was launched in 2002 to strengthen the resilience of the region's financial system by developing local currency bond markets as an alternative source to foreign currency-denominated, short-term bank loans for long-term investment financing. The need for infrastructure investment among ASEAN+3 members is well documented, with estimates for needed investment through 2020 reaching as high as $550 billion. Local currency financing of infrastructure projects has the important advantage of avoiding the currency risk that can arise when a project generating revenues in the domestic currency has foreign currency-denominated debt service requirements. This study was undertaken under ABMI and funded by the Government of the PRC. It addresses two key questions: (i) Why is local currency bond financing not more widely used for infrastructure projects in ASEAN+3? and (ii) What can be done to promote infrastructure bond financing?
Author :United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance Publisher : ISBN 13 : Total Pages :160 pages Book Rating :4.:/5 (6 download)
Book Synopsis A Primer on Money by : United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance
Download or read book A Primer on Money written by United States. Congress. House. Committee on Banking and Currency. Subcommittee on Domestic Finance and published by . This book was released on 1964 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 2017-02-20 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.
Book Synopsis International Currency Portfolios by : Mr.Michael Kumhof
Download or read book International Currency Portfolios written by Mr.Michael Kumhof and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-03-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a theory of international currency portfolios that holds in general equilibrium, and that is therefore not subject to the criticisms directed at the portfolio balance literature of the 1980s. It shows that, under plausible assumptions about fiscal policy, the relationship between the rates of return of different currency bonds is not correctly described by an arbitrage relationship but instead also depends on outstanding bond stocks. Other findings are: (1) There is a monotonically increasing relationship between domestic interest rates and the portfolio share of domestic currency denominated assets. This relationship is steep at low levels of government debt, and almost flat at high levels of government debt. (2) Optimal private sector foreign currency positions are negative, and their size is decreasing in exchange rate volatility. Under volatile exchange rates large negative aggregate net foreign asset positions can only be rationalized by assuming large public sector borrowing from foreign governments. (3) For a baseline economy with zero net foreign assets, open market sales of domestic government debt lead to valuation gains (losses) when the country as a whole has a short (long) position in foreign currency. (4) A fiscal theory of exchange rate determination is compatible with general equilibrium in a two-country world. (5) Equilibria are determinate when both fiscal and monetary policy are passive.
Book Synopsis Nonresident Capital Flows and Volatility: Evidence from Malaysia’s Local Currency Bond Market by : Mr.David A. Grigorian
Download or read book Nonresident Capital Flows and Volatility: Evidence from Malaysia’s Local Currency Bond Market written by Mr.David A. Grigorian and published by International Monetary Fund. This book was released on 2019-01-25 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Malaysia’s local currency debt market is one of the most liquid public debt markets in the world. In recent years, the growing share of nonresident holders of debt has been a source of concern for policymakers as a reason behind exchange rate volatility. The paper provides an overview of the recent developments in the conventional debt market. It builds an empirical two-stage model to estimate the main drivers of debt capital flows to Malaysia. Finally, it uses a GARCH model to test the hypothesis that nonresident flows are behind the observed exchange rate volatility. The results suggest that the public debt market in Malaysia responds adequately to both pull and push factors and find no firm evidence that nonresident flows cause volatility in the onshore foreign exchange market.
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.
Book Synopsis Issuing International Sovereign Bonds by : Mr.Mauro Mecagni
Download or read book Issuing International Sovereign Bonds written by Mr.Mauro Mecagni and published by International Monetary Fund. This book was released on 2014-06-04 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This African Department Paper examines the rise in international sovereign bonds issued by African frontier economies and recommends policies for potential first-time issuers.
Book Synopsis Issuing Government Bonds to Finance Bank Recapitalization and Restructuring by : Mr.Michael Andrews
Download or read book Issuing Government Bonds to Finance Bank Recapitalization and Restructuring written by Mr.Michael Andrews and published by International Monetary Fund. This book was released on 2003-11-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bonds issued by the government or government agencies are often used to finance bank restructuring following a systemic crisis. Many conflicting considerations affect the design of the bonds used to pay for public sector investment in bank equity or the purchase of distressed assets from banks. Some bond features can leave restructured banks facing significant risks, laying the foundation for future banking sector problems. Sovereign default makes publicly financed bank restructuring more difficult, but it is still possible to carry out if banks receive sufficient interest income to provide a margin over their cost of funds.
