Foreign Participation In Local Currency Bond Markets
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Foreign Participation in Emerging Markets’ Local Currency Bond Markets
Author | : Mr.Shanaka J. Peiris |
Publisher | : International Monetary Fund |
Total Pages | : 21 |
Release | : 2010-04-01 |
Genre | : Business & Economics |
ISBN | : 1451982607 |
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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.
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