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Composición de la base de inversionistas extranjeros en el mercado de deuda pública local y variaciones en la sensibilidad de las condiciones financieras domésticas

Author

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  • Murcia, Andrés
  • García-Andrade, Sebastián

Abstract

En este documento se analiza la relación entre la participación de extranjeros en el mercado local de deuda pública y la sensibilidad de las condiciones financieras locales frente a cambios en factores globales. Asimismo, explora cómo la composición de esa base inversionista de no residentes y su participación en el total de agentes en el mercado podría afectar dicha sensibilidad. Los resultados sugieren que la presencia de inversionistas no residentes en el mercado de deuda pública local está correlacionada con una mayor susceptibilidad de las condiciones financieras locales a factores globales. Además, el tipo de inversionista no residente podría amplificar la sensibilidad de los mercados de deuda pública local a las condiciones financieras internacionales. Colombia es un caso en el que las condiciones financieras locales se han vuelto más sensibles ante cambios en las condiciones financieras externas. Choques internacionales podrían transmitirse a los mercados locales, y los beneficios de la participación de no residentes, como puede ser una mayor liquidez del mercado, podrían reducirse rápidamente en caso de unas condiciones financieras internacionales más restrictivas.

Suggested Citation

  • Murcia, Andrés & García-Andrade, Sebastián, 2022. "Composición de la base de inversionistas extranjeros en el mercado de deuda pública local y variaciones en la sensibilidad de las condiciones financieras domésticas," Working papers 87, Red Investigadores de Economía.
    • Handle: RePEc:rie:riecdt:87
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    References listed on IDEAS

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    1. Mr. Serkan Arslanalp & Mr. Takahiro Tsuda, 2014. "Tracking Global Demand for Emerging Market Sovereign Debt," IMF Working Papers 2014/039, International Monetary Fund.
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    Cited by:

    1. Gamboa-Estrada, Fredy & Sanchez-Jabba, Andres, 2024. "The effects of foreign investor composition on Colombia's sovereign debt flows," International Economics, Elsevier, vol. 178(C).

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    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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