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China’s sovereign bond yield: some lessons

Author

Listed:
  • Pham Thi Hong Hanh

    (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes)

Abstract

This article aims to address the question of why China's bond market, particularly sovereign bond, is still quite underdeveloped while the country has enjoyed a spectacular economic growth since the launch of economic reforms. To do so, we provide an empirical analysis on the long-run and short-run determinants of China's sovereign bond yield over the period 1994 to 2012. We find that China's sovereign bond yield is not well-constructed because of not considering the fundamental macroeconomic conditions. This should be considered as one of the most important reasons hampering the advancement of bond market in China.

Suggested Citation

  • Pham Thi Hong Hanh, 2014. "China’s sovereign bond yield: some lessons," Post-Print hal-04509079, HAL.
    • Handle: RePEc:hal:journl:hal-04509079
    DOI: 10.1080/13504851.2014.934426
    as

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