Search results for: emerging-bond-markets

Emerging Bond Markets

Author : Tamara Teplova
File Size : 78.33 MB
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The bond market is a key securities market and emerging economies present exciting, new investment opportunities. This timely book provides insights into these emerging bond markets through empirical models and analytical databases, i.e. Bloomberg, Eikon Refinitiv and the Russian Cbonds. The book looks at the dynamics of the development of emerging bond markets, their competitiveness, features and patterns using macro and micro level data. It also takes into consideration various securities type i.e. government, corporate, sub-federal and municipal bonds, to identify respective challenges and risks. The book also analyses factors that may inhibit or stimulate a well-balanced financial market. It includes case studies of Asian, Latin American and Russian bond markets, as also as cross-country comparisons. It will be a useful reference for anyone who is interested to learn more of the bond market and the modelling techniques for critical data analysis.

Emerging Bond Markets

Author : Tamara Teplova
File Size : 43.45 MB
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The bond market is a key securities market and emerging economies present exciting, new investment opportunities. This timely book provides insights into these emerging bond markets through empirical models and analytical databases, i.e. Bloomberg, Eikon Refinitiv and the Russian Cbonds. The book looks at the dynamics of the development of emerging bond markets, their competitiveness, features and patterns using macro and micro level data. It also takes into consideration various securities type i.e. government, corporate, sub-federal and municipal bonds, to identify respective challenges and risks. The book also analyses factors that may inhibit or stimulate a well-balanced financial market. It includes case studies of Asian, Latin American and Russian bond markets, as also as cross-country comparisons. It will be a useful reference for anyone who is interested to learn more of the bond market and the modelling techniques for critical data analysis.

Asia s Emerging Bond Markets

Author : Ismail Dalla
File Size : 45.14 MB
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On International Integration of Emerging Sovereign Bond Markets

Author : Mr.Itai Agur
File Size : 48.83 MB
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The paper investigates the international integration of EM sovereign dollar-denominated and local-currency bond markets. Factor analysis is used to examine movements in sovereign bond yields and common sources of yield variation. The results suggest that EM dollar-denominated sovereign debt markets are highly integrated; a single common factor that is highly correlated with US and EU interest rates explains, on average, about 80 percent of the total variability in yields. EM sovereign local currency bond markets are not as internationally integrated, and three common factors explain about 74 percent of the total variability. But a factor highly correlated with US and EU interest rates still explains 63 percent of the yield variation accounted for by common factors. That said, there is some diversity among EM countries in the importance of common factors in affecting sovereign debt yields.

Global Financial Spillovers to Emerging Market Sovereign Bond Markets

Author : Mr. Christian Ebeke
File Size : 55.63 MB
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Foreign holdings of emerging markets (EMs) government bonds have increased substantially over the last decade. While foreign participation in local-currency sovereign bond markets provides an additional source of financing and reduces sovereign yields, it raises concerns about increased sensitivity of yields to shifts in market sentiment. The analysis in this paper suggests that foreign participation and an undiversified investor base transmit global financial shocks to local-currency sovereign bond markets by increasing yield volatility and, beyond a certain threshold, amplify these spillovers. These estimates are robust to a range of econometric techniques including panel smooth threshold regression.

Emerging Local Securities and Derivatives Markets

Author : Ms.Anna Ilyina
File Size : 27.6 MB
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In response to the volatility of capital flows since the mid-1990s, many emerging market economies have taken a variety of steps designed to “selfinsure” against volatile capital flows. One such measure has been the development of local securities and derivatives markets as an alternative source of funding the public and corporate sectors. This paper examines this self-insurance policy, focusing on the extent to which emerging markets have developed local securities and derivatives, and what key policy issues have arisen as a result.

Foreign Participation in Emerging Markets Local Currency Bond Markets

Author : Mr.Shanaka J. Peiris
File Size : 45.97 MB
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This paper estimates the impact of foreign participation in determining long-term local currency government bond yields and volatility in a group of emerging markets from 2000-2009. The results of a panel data analysis of 10 emerging markets show that greater foreign participation in the domestic government bond market tends to significantly reduce long-term government yields. Moreover, greater foreign participation does not necessarily result in increased volatility in bond yields in emerging markets and, in fact, could even dampen volatility in some instances.

Bond Valuation in Emerging Markets

Author : Valentin Ulrici
File Size : 46.33 MB
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Global Spillovers into Domestic Bond Markets in Emerging Market Economies

Author : Laura Jaramillo
File Size : 21.35 MB
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While fiscal conditions remain healthier than in advanced economies, emerging economies continue to be exposed to negative spillovers if global conditions were to become less favorable. This paper finds that domestic bond yields in emerging economies are heavily influenced by two international factors: global risk appetite and global liquidity. Using a novel approach, the analysis goes on to show that the vulnerability of emerging economies to these factors is not uniform but rather depends on country specific characteristics, namely fiscal fundamentals, financial sector openness and the external current account balance.

Investing in Corporate Bond Markets in Major Emerging Market Countries

Author : Kathpalia
File Size : 25.59 MB
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The book will provide a comprehensive review of the 12 major emerging corporate bond markets; Brazil, Chile, China, India, Indonesia, Mexico, Malaysia, Mexico, Philippines, South Africa, Turkey and Thailand. Corporate bond markets in South Korea, Hong Kong and Singapore will also be covered since these countries have been successful in developing their markets. The book will also provide an assessment of the future of these bond markets with a view to identifying emerging investment opportunities and risks. The book's main audience will be international investors and key decision makers in emerging market countries.

Bonds

Author : Mark Mobius
File Size : 64.80 MB
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Demystifying the world of bonds, this guide, as part of The Mark Mobius Master Class, offers a comprehensive learning experience that features clear definitions of financial terms, real-life anecdotes and much more.

Africa s Emerging Securities Markets

Author : Robert A. Clark
File Size : 26.51 MB
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Rates of return for African investments are among the highest in the world yet African nations have not attracted the level of foreign direct investment required to help their economics emerge and develop. This means that African securities markets are classic emerging stock exchanges that provide investors with uncommonly attractive opportunities for portfolio diversification. Clark's research, presented here in a concise, well-organized, easily accessed volume, gives readers an up-to-date, clear picture of Africa's investment structures and the designs of its exchanges. Covering the entire continent, Clark's book will be an important resource for investment professionals, their colleagues in the academic community, serious students and researchers, and knowledgeable private investors.

The Emerging Asian Bond Market

Author : Ismail Dalla
File Size : 26.11 MB
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Provides a comprehensive survey of the East Asian bond markets, identifies best practices for fostering their development, and presents a broad agenda for further reforms. East Asia's spectacular economic performance over the past several decades has been marked by macroeconomic stability, consistent growth, low inflation, the lowering of trade barriers, and an overall improvement in living standards. The region now has a well developed banking system and boasts four of the top 20 stock markets in the world. Its bond markets, however, are relatively small and at an early stage of development. This report provides a comprehensive survey of the East Asian bond markets, identifies best practices for fostering their development, and presents a broad agenda of reforms for their further development. The report, which is based on studies of bond markets in China, Hong Kong, Indonesia, the Republic of Korea, Malaysia, the Philippines, Singapore, and Thailand, finds great diversity among those markets. It was presented at the Emerging Asian Bond Market Conference, co-sponsored by the World Bank and the Hong Kong Monetary Authority and held in Hong Kong, June 26-27, 1995. It is believed that with the proper institutional prerequisites in place, the markets will grow very rapidly and become a leading source of financing for the region. "The [study] and this conference mark the World Bank's increasing support and participation in the development of bond markets in the region." --Joseph Yam, Chief Executive, Hong Kong Monetary Authority

Emerging Bond Markets in the Dynamic Asian Economies

Author : OECD
File Size : 83.62 MB
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Provides a detailed survey of a largely unexplored territory - the bond markets in the Dynamic Asian Economies of Hong Kong, Korea, Malaysia, Singapore, Taiwan and Thailand.

Global Spillovers into Domestic Bond Markets in Emerging Market Economies

Author : Laura Jaramillo
File Size : 84.91 MB
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While fiscal conditions remain healthier than in advanced economies, emerging economies continue to be exposed to negative spillovers if global conditions were to become less favorable. This paper finds that domestic bond yields in emerging economies are heavily influenced by two international factors: global risk appetite and global liquidity. Using a novel approach, the analysis goes on to show that the vulnerability of emerging economies to these factors is not uniform but rather depends on country specific characteristics, namely fiscal fundamentals, financial sector openness and the external current account balance.

institutional reform in emerging securities markets

Author :
File Size : 43.13 MB
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Emerging Bond Markets in the Dynamic Asian Economies

Author : OECD
File Size : 20.69 MB
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Provides a detailed survey of a largely unexplored territory - the bond markets in the Dynamic Asian Economies of Hong Kong, Korea, Malaysia, Singapore, Taiwan and Thailand.

Emerging Markets and Financial Globalization

Author : Paolo Mauro
File Size : 83.80 MB
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The frequency and virulence of recent financial crises have led to calls for reform of the current international financial architecture. In an effort to learn more about today's international financial environment, the authors turn to an earlier era of financial globalization between 1870 and 1913. By examining data on sovereign bonds issued by borrowing developing countries in this earlier period and in the present day, the authors are able to identify the characteristics ofsuccessful borrowers in the two periods. They are then able to show that global crises or contagion are a feature of the 1990s which was hardly known in the previous era of globalization. Finally, the authors draw lessons for today from archival data on mechanisms used by British investors in the 19thcentury to address sovereign defaults. Using new qualitative and quantitative data, the authors skilfully apply a variety of approaches in order to better understand how problems of volatility and debt crises are dealt with in international financial markets.

Debt Management and Government Securities Markets in the 21st Century

Author : OECD
File Size : 58.28 MB
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This book reviews recent trends in the structure of OECD government securities markets and public debt management operations, and highlights the generic structural policy issues in emerging debt markets.

Emerging European Bond Markets

Author : IFR Publishing
File Size : 35.58 MB
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