Abstract

http://ssrn.com/abstract=2169744
 
 

Citations (1)



 


 



Bond Yields in Emerging Economies: It Matters What State You are in


Laura Jaramillo


International Monetary Fund (IMF)

Anke Weber


International Monetary Fund (IMF)

August 2012

IMF Working Paper No. 12/198

Abstract:     
While 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.

Number of Pages in PDF File: 26

Keywords: Emerging Market Economies, Fiscal Deficit, Public Debt, Bonds, Economic Models

JEL Classification: E44, E62, G15, H63, O16

working papers series


Download This Paper

Date posted: November 1, 2012  

Suggested Citation

Jaramillo, Laura and Weber, Anke, Bond Yields in Emerging Economies: It Matters What State You are in (August 2012). IMF Working Paper No. 12/198. Available at SSRN: http://ssrn.com/abstract=2169744

Contact Information

Laura Jaramillo (Contact Author)
International Monetary Fund (IMF) ( email )
700 19th Street, N.W.
Washington, DC 20431
United States
Anke Weber
International Monetary Fund (IMF) ( email )
700 19th Street, N.W.
Washington, DC 20431
United States
Feedback to SSRN


Paper statistics
Abstract Views: 187
Downloads: 34
Citations:  1

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo5 in 0.296 seconds