LEADER 05379oam 22012374 450 001 9910811406703321 005 20240402045448.0 010 $a1-4755-1103-5 010 $a1-4755-3136-2 035 $a(CKB)2670000000278907 035 $a(EBL)1606912 035 $a(SSID)ssj0000943276 035 $a(PQKBManifestationID)11515181 035 $a(PQKBTitleCode)TC0000943276 035 $a(PQKBWorkID)10977208 035 $a(PQKB)11492960 035 $a(MiAaPQ)EBC1606912 035 $a(Au-PeEL)EBL1606912 035 $a(CaPaEBR)ebr10627128 035 $a(OCoLC)870245036 035 $a(IMF)WPIEE2012198 035 $a(IMF)WPIEA2012198 035 $a(EXLCZ)992670000000278907 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aBond Yields in Emerging Economies : $eIt Matters What State You Are In /$fLaura Jaramillo, Anke Weber 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (26 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/12/198 300 $aDescription based upon print version of record. 311 $a1-4755-0775-5 311 $a1-4755-0548-5 320 $aIncludes bibliographical references. 327 $aCover; 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 Statistics 327 $a2. 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; References 330 3 $aWhile many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic bond yields in emerging economies depends on the level of global risk aversion. During tranquil times in global markets, fiscal variables do not seem to be a significant determinant of domestic bond yields in emerging economies. However, when market participants are on edge, they pay greater attention to country-specific fiscal fundamentals, revealing greater alertness about default risk. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/198 606 $aBonds 606 $aInvestments$zDeveloping countries 606 $aFinance: General$2imf 606 $aInvestments: Bonds$2imf 606 $aPublic Finance$2imf 606 $aFinancial Markets and the Macroeconomy$2imf 606 $aFiscal Policy$2imf 606 $aInternational Financial Markets$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aInvestment & securities$2imf 606 $aPublic finance & taxation$2imf 606 $aFinance$2imf 606 $aBond yields$2imf 606 $aGovernment debt management$2imf 606 $aEmerging and frontier financial markets$2imf 606 $aPublic debt$2imf 606 $aSecurities markets$2imf 606 $aFinancial institutions$2imf 606 $aPublic financial management (PFM)$2imf 606 $aFinancial markets$2imf 606 $aBonds$2imf 606 $aDebts, Public$2imf 606 $aFinancial services industry$2imf 606 $aCapital market$2imf 607 $aUnited States$2imf 615 0$aBonds. 615 0$aInvestments 615 7$aFinance: General 615 7$aInvestments: Bonds 615 7$aPublic Finance 615 7$aFinancial Markets and the Macroeconomy 615 7$aFiscal Policy 615 7$aInternational Financial Markets 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aInvestment & securities 615 7$aPublic finance & taxation 615 7$aFinance 615 7$aBond yields 615 7$aGovernment debt management 615 7$aEmerging and frontier financial markets 615 7$aPublic debt 615 7$aSecurities markets 615 7$aFinancial institutions 615 7$aPublic financial management (PFM) 615 7$aFinancial markets 615 7$aBonds 615 7$aDebts, Public 615 7$aFinancial services industry 615 7$aCapital market 676 $a332.1/52 700 $aJaramillo$b Laura$01094952 701 $aWeber$b Anke$01063702 801 0$bDcWaIMF 906 $aBOOK 912 $a9910811406703321 996 $aBond Yields in Emerging Economies$93955639 997 $aUNINA