LEADER 03344nam 2200637Ia 450 001 9910811406703321 005 20200520144314.0 010 $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(Au-PeEL)EBL1606912 035 $a(CaPaEBR)ebr10627128 035 $a(OCoLC)870245036 035 $a(IMF)WPIEE2012198 035 $a(IMF)WPIEA2012198 035 $a(MiAaPQ)EBC1606912 035 $a(EXLCZ)992670000000278907 100 $a20121206d2012 uy 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 and Anke Weber 205 $a1st ed. 210 $aWashington, D.C. $cInternational Monetary Fund$d2012 215 $a1 online resource (26 p.) 225 0$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 615 0$aBonds. 615 0$aInvestments 676 $a332.1/52 700 $aJaramillo$b Laura$01094952 701 $aWeber$b Anke$f1981-$01756962 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910811406703321 996 $aBond yields in emerging economies$94194577 997 $aUNINA