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Emerging Bond Markets and COVID-19: Evidence from Mexico

Author

Listed:
  • Jens H. E. Christensen
  • Eric Fischer
  • Patrick Shultz

Abstract

The pandemic caused by the coronavirus is depressing economic activity and severely straining government budgets globally. Without international support, the ability of emerging economies to weather this crisis will depend crucially on access to and the cost of borrowing in domestic government bond markets. Analyzing bond flows and risk premiums for Mexican government bonds during the pandemic gives some insights into a major emerging economy’s experience. Mexican risk premiums have increased more than 1 percentage point above predicted levels, pointing to tighter funding conditions for the Mexican government.

Suggested Citation

  • Jens H. E. Christensen & Eric Fischer & Patrick Shultz, 2020. "Emerging Bond Markets and COVID-19: Evidence from Mexico," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2020(23), pages 01-05, August.
    • Handle: RePEc:fip:fedfel:88600
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    File URL: https://www.frbsf.org/economic-research/files/el2020-23.pdf
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    Cited by:

    1. Szczygielski, Jan Jakub & Charteris, Ailie & Bwanya, Princess Rutendo & Brzeszczyński, Janusz, 2023. "Which COVID-19 information really impacts stock markets?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 84(C).
    2. Christensen, Jens H.E. & Fischer, Eric & Shultz, Patrick J., 2021. "Bond flows and liquidity: Do foreigners matter?," Journal of International Money and Finance, Elsevier, vol. 117(C).
    3. Sanjay Kumar Rout & Hrushikesh Mallick, 2022. "Sovereign Bond Market Shock Spillover Over Different Maturities: A Journey from Normal to Covid-19 Period," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 29(4), pages 697-734, December.

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