05379oam 22012374 450 991081140670332120200520144314.01-4755-1103-51-4755-3136-2(CKB)2670000000278907(EBL)1606912(SSID)ssj0000943276(PQKBManifestationID)11515181(PQKBTitleCode)TC0000943276(PQKBWorkID)10977208(PQKB)11492960(Au-PeEL)EBL1606912(CaPaEBR)ebr10627128(OCoLC)870245036(IMF)WPIEE2012198(IMF)WPIEA2012198(MiAaPQ)EBC1606912(EXLCZ)99267000000027890720020129d2012 uf 0engur|n|---|||||txtccrBond Yields in Emerging Economies : It Matters What State You Are In /Laura Jaramillo, Anke Weber1st ed.Washington, D.C. :International Monetary Fund,2012.1 online resource (26 p.)IMF Working PapersIMF working paper ;WP/12/198Description based upon print version of record.1-4755-0775-5 1-4755-0548-5 Includes bibliographical references.Cover; Abstract; Contents; I. Introduction; II. Background and Literature Review; III. Stylized Facts; Figures; 1. Emerging Economies: Government Debt; 2. Emerging Economies: Domestic Government Debt Securities; 3. Emerging Market Fund Assets; 4. Sovereign Domestic Bond Yields; 5. Sovereign Domestic Bond Yields and Global Factors; 6. Domestic Bond Yields and Fiscal Fundamentals, 2007-2011; IV. Empirical Model Specification; V. Data and Estimation Results; A. Data Sources; B. Estimation Results; Tables; 1. Descriptive Statistics2. Determinants of 10-year Domestic Bond Yields in Emerging Economies3. Threshold Model: Determinants of 10-year Domestic Bond Yields in Emerging Economies; VI. Summary and Conclusions; 7. Actual Change in Bond Yields Compared to Out-of-Sample Prediction; Appendix; ReferencesWhile many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic bond yields in emerging economies depends on the level of global risk aversion. During tranquil times in global markets, fiscal variables do not seem to be a significant determinant of domestic bond yields in emerging economies. However, when market participants are on edge, they pay greater attention to country-specific fiscal fundamentals, revealing greater alertness about default risk.IMF Working Papers; Working Paper ;No. 2012/198BondsInvestmentsDeveloping countriesBond yieldsimfBondsimfCapital marketimfDebt ManagementimfDebtimfDebts, PublicimfEmerging and frontier financial marketsimfFinanceimfFinance: GeneralimfFinancial institutionsimfFinancial Markets and the MacroeconomyimfFinancial marketsimfFinancial services industryimfFiscal PolicyimfGeneral Financial Markets: General (includes Measurement and Data)imfGovernment debt managementimfInternational Financial MarketsimfInvestment & securitiesimfInvestments: BondsimfPublic debtimfPublic finance & taxationimfPublic FinanceimfPublic financial management (PFM)imfSecurities marketsimfSovereign DebtimfUnited StatesimfBonds.InvestmentsBond yieldsBondsCapital marketDebt ManagementDebtDebts, PublicEmerging and frontier financial marketsFinanceFinance: GeneralFinancial institutionsFinancial Markets and the MacroeconomyFinancial marketsFinancial services industryFiscal PolicyGeneral Financial Markets: General (includes Measurement and Data)Government debt managementInternational Financial MarketsInvestment & securitiesInvestments: BondsPublic debtPublic finance & taxationPublic FinancePublic financial management (PFM)Securities marketsSovereign Debt332.1/52Jaramillo Laura1094952Weber Anke1063702DcWaIMFBOOK9910811406703321Bond Yields in Emerging Economies4239711UNINA