Global Spillovers into Domestic Bond Markets in Emerging Market Economies

Global Spillovers into Domestic Bond Markets in Emerging Market Economies
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Volume/Issue:
2013/264
Series:
IMF Working Papers
Author(s):
Laura Jaramillo, and Anke Weber
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
December 2013
DOI:
http://dx.doi.org/10.5089/9781484328446.001
ISBN:
9781484328446
ISSN:
1018-5941
Page:
21
While fiscal conditions remain healthier than in advanced economies, emerging economies continue to be exposed to negative spillovers if global conditions were to become less favorable. This paper finds that domestic bond yields in emerging economies are heavily influenced by two international factors: global risk appetite and global liquidity. Using a novel approach, the analysis goes on to show that the vulnerability of emerging economies to these factors is not uniform but rather depends on country specific characteristics, namely fiscal fundamentals, financial sector openness and the external current account balance.
Article

Global Spillovers into Domestic Bond Markets in Emerging Market Economies*

Author(s):
Laura Jaramillo, and Anke Weber
Published Date:
December 2013
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