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Emerging Local Currency Bond Markets

  • John D. Burger
  • Francis E. Warnock
  • Veronica Cacdac Warnock

We assess the development of local currency bond markets in emerging market economies (EMEs). Supported by policies and laws that helped to improve macroeconomic stability and creditor rights, many local currency EME bond markets have grown substantially over the past decade and have also provided USD-based investors with attractive returns. U.S. investors have responded by increasing their holdings of EME local currency bonds from less than $2 billion in 2001 to over $27 billion by end-2008. While the increase in U.S. investment spanned many EMEs, empirical tests suggest that relatively more went to those with identifiable investor-friendly institutions and policies.

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File URL: http://www.nber.org/papers/w16249.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16249.

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Date of creation: Aug 2010
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Publication status: published as Burger, J., F. Warnock, and V. Warnock, 2012. "Emerging local currency bond markets." Financial Analysts Journal 68(4): 73-93
Handle: RePEc:nbr:nberwo:16249
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  1. Ricardo J Caballero & Emmanuel Farhi & Pierre-Olivier Gourinchas, 2006. "An equilibrum model of "global imbalances" and low interest rates," BIS Working Papers 222, Bank for International Settlements.
  2. Gourinchas, Pierre-Oliver & Farhi, Emmanuel & Caballero, Ricardo J., 2008. "Financial Crash, Commodity Prices, and Global Imbalances," Scholarly Articles 3229095, Harvard University Department of Economics.
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