Foreign Participation In Local Currency Bond Markets

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Guidance Note For Developing Government Local Currency Bond Markets

Author : International Monetary Fund
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.

The Asian Bond Markets Initiative

Author : Asian Development Bank
Publisher : Asian Development Bank
ISBN 13 : 9292578448
Total Pages : 69 pages
Book Rating : 4.2/5 (925 download)

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Book Synopsis The Asian Bond Markets Initiative by : Asian Development Bank

Download or read book The Asian Bond Markets Initiative written by Asian Development Bank and published by Asian Development Bank. This book was released on 2017-06-01 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian Bond Markets Initiative (ABMI) was launched in December 2002 by the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea---collectively known as ASEAN+3 to strengthen financial stability and reduce the region’s vulnerability to the sudden reversal of capital flows. This paper also provides recommendations for addressing new sources of market volatility and other challenges within and outside the framework of the Asian Bond Markets Initiative.

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

Author : Yinqiu Lu
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.

The Future of China's Bond Market

Author : Mr. Alfred Schipke
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.

Foreign Participation in Emerging Markets’ Local Currency Bond Markets

Author : Mr.Shanaka J. Peiris
Publisher : International Monetary Fund
ISBN 13 : 1451982607
Total Pages : 21 pages
Book Rating : 4.4/5 (519 download)

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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.

Tracking Global Demand for Emerging Market Sovereign Debt

Author : Mr.Serkan Arslanalp
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.

Policy Responses to Capital Flows in Emerging Markets

Author : Mahmood Pradhan
Publisher : International Monetary Fund
ISBN 13 : 1463935129
Total Pages : 45 pages
Book Rating : 4.4/5 (639 download)

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Book Synopsis Policy Responses to Capital Flows in Emerging Markets by : Mahmood Pradhan

Download or read book Policy Responses to Capital Flows in Emerging Markets written by Mahmood Pradhan and published by International Monetary Fund. This book was released on 2011-04-20 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Staff Discussion Notes showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate. These papers are generally brief and written in nontechnical language, and so are aimed at a broad audience interested in economic policy issues. This Web-only series replaced Staff Position Notes in January 2011.

International Reserves and Foreign Currency Liquidity

Author : International Monetary Fund. Statistics Dept.
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.

Local Currency Bond Markets - A Diagnostic Framework

Author : World Bank
Publisher : International Monetary Fund
ISBN 13 : 1498341527
Total Pages : 40 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis Local Currency Bond Markets - A Diagnostic Framework by : World Bank

Download or read book Local Currency Bond Markets - A Diagnostic Framework written by World Bank and published by International Monetary Fund. This book was released on 2013-07-09 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: In November 2011, the G-20 endorsed an action plan to support the development of local currency bond markets (LCBM). International institutions—the IMF, the World Bank, the EBRD, and the OECD—were asked to draw on their experience to develop a diagnostic framework (DF) to identify general preconditions, key components, and constraints for successful LCBM development. The objective is to provide a tool for analyzing the state of development and efficiency of local currency bond markets. The application of the DF is expected to be flexible, bearing in mind that the potential for LCBM development depends on economic size, financing needs, and stage of economic development.

The Development of Local Capital Markets

Author : Mr.Luc Laeven
Publisher : International Monetary Fund
ISBN 13 : 1498372201
Total Pages : 25 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Development of Local Capital Markets by : Mr.Luc Laeven

Download or read book The Development of Local Capital Markets written by Mr.Luc Laeven and published by International Monetary Fund. This book was released on 2014-12-19 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital markets can improve risk sharing and the efficiency with which capital is allocated to the real economy, boosting economic growth and welfare. However, despite these potential benefits, not all countries have well developed capital markets. Moreover, government-led initiatives to develop local capital markets have had mixed success. This paper reviews the literature on the benefits and costs of developing local capital markets, and describes the challenges faced in the development of such markets. The paper concludes with a set of policy recommendations emerging from this literature.

China's Bond Market and Global Financial Markets

Author : Mr.Eugenio M Cerutti
Publisher : International Monetary Fund
ISBN 13 : 1484377478
Total Pages : 17 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis China's Bond Market and Global Financial Markets by : Mr.Eugenio M Cerutti

Download or read book China's Bond Market and Global Financial Markets written by Mr.Eugenio M Cerutti and published by International Monetary Fund. This book was released on 2018-12-07 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt: A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening bond market regulations, but also further developing of other markets, notably the foreign exchange market. Even though the increased integration of China into international capital markets would increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China’s size and especially under a well-articulated macroeconomic framework.

Issuing International Sovereign Bonds

Author : Mr.Mauro Mecagni
Publisher : International Monetary Fund
ISBN 13 : 1475523106
Total Pages : 37 pages
Book Rating : 4.4/5 (755 download)

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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.

First-Time International Bond Issuance—New Opportunities and Emerging Risks

Author : Ms.Anastasia Guscina
Publisher : International Monetary Fund
ISBN 13 : 1498310680
Total Pages : 40 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis First-Time International Bond Issuance—New Opportunities and Emerging Risks by : Ms.Anastasia Guscina

Download or read book First-Time International Bond Issuance—New Opportunities and Emerging Risks written by Ms.Anastasia Guscina and published by International Monetary Fund. This book was released on 2014-07-18 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: International bond issuance by debut issuers has risen in recent years. The uptick was a result of both demand and supply factors. The search for yield and demand for portfolio diversification have resulted in demand-driven easy financing conditions. At the same time, rising financing needs for many debut issuers, coupled with reduced access to concessional financing, relatively undeveloped domestic markets, and a favorable interest rate environment have made international bonds an attractive financing alternative for many countries. As bonds issued in the international markets are typically denominated in hard currencies, have large volumes and a bullet structure, exposure to exchange rate and refinancing risk has increased. Therefore, risk-mitigating policy actions are needed to prepare for redemption, support debt sustainability, and secure adequate debt management capacity.

Foreign Participation in Local-currency Bond Markets

Author : John D. Burger
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.3/5 (121 download)

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Book Synopsis Foreign Participation in Local-currency Bond Markets by : John D. Burger

Download or read book Foreign Participation in Local-currency Bond Markets written by John D. Burger and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post-Lehman Period - a Fortune or Misfortune?

Author : Mr.Christian Ebeke
Publisher : International Monetary Fund
ISBN 13 : 1475559283
Total Pages : 38 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post-Lehman Period - a Fortune or Misfortune? by : Mr.Christian Ebeke

Download or read book Emerging Market Local Currency Bond Yields and Foreign Holdings in the Post-Lehman Period - a Fortune or Misfortune? written by Mr.Christian Ebeke and published by International Monetary Fund. This book was released on 2014-02-12 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper shows that foreign holdings of local currency government bonds in emerging market countries (EMs) have reduced bond yields but have somewhat increased yield volatility in the post-Lehman period. Econometric analyses conducted from a sample of 12 EMs demonstrate that these results are robust and causal. We use an identification strategy exploiting the geography-based measure of EMs financial remoteness vis-à-vis major offshore financial centers as an instrumental variable for the foreign holdings variable.The results also show that, in countries with weak fiscal and external positions, foreign holdings are greatly associated with increased yield volatility. A case study using Poland data elaborates on the cross country findings.

Nonresident Capital Flows and Volatility: Evidence from Malaysia’s Local Currency Bond Market

Author : Mr.David A. Grigorian
Publisher : International Monetary Fund
ISBN 13 : 1484396553
Total Pages : 19 pages
Book Rating : 4.4/5 (843 download)

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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.

Routledge Handbook of Banking and Finance in Asia

Author : Ulrich Volz
Publisher : Routledge
ISBN 13 : 1134862075
Total Pages : 534 pages
Book Rating : 4.1/5 (348 download)

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Book Synopsis Routledge Handbook of Banking and Finance in Asia by : Ulrich Volz

Download or read book Routledge Handbook of Banking and Finance in Asia written by Ulrich Volz and published by Routledge. This book was released on 2018-10-26 with total page 534 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Routledge Handbook of Banking and Finance in Asia brings together leading scholars, policymakers, and practitioners to provide a comprehensive and cutting-edge guide to Asia’s financial institutions, markets, and systems. Part I provides a country-by-country overview of banking and finance in East, Southeast, and South Asia, including examples from China, Japan, Hong Kong, India, and Singapore. Part II contains thematic chapters, covering topics such as commercial banking, development banking, infrastructure finance, stock markets, insurance, and sovereign wealth funds. It also includes examinations of banking regulation and supervision, and analyses of macroprudential regulation, capital flow management measures, and monetary policy. Finally, it provides new insights into topical issues such as SME, green, and Islamic finance. This handbook is an essential resource for scholars and students of Asian economics and finance and for professionals working in financial markets in Asia.