Hidden Bibliographic Details
| Other authors / contributors: | Zhang, Yuanyan Sophia, author.
International Monetary Fund. Fiscal Affairs Department, issuing body.
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| ISBN: | 9781475541540
1475541546
1484316258
9781484316252
9781484316252
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| Notes: | At head of title: Fiscal Affairs Department.
"November 2013."
Includes bibliographical references.
Online resource; title from pdf title page (IMF.org Web site, viewed Jan. 10, 2013).
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| Summary: | "Experience from the global financial crisis suggests that countries' borrowing costs are not solely determined by macro and fiscal fundamentals. Factors such as ownership structures of government securities, among others, also play a significant role. This paper investigates the effect of "real money investors"--Domestic nonbanks and national and foreign central banks--on bond yields for a sample of 45 advanced and emerging market economies. The results show that, while bond yields rise with the debt to GDP ratio, this increase is partly offset if this debt falls in the hands of real money investors. Nonetheless, for some countries there is the risk that such ownership structure could change over the long run, which would impose upward pressure on borrowing costs, especially where fiscal positions are weak"--Abstract.
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| Other form: | Print Version: 9781484316252
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| Standard no.: | 10.5089/9781484316252.001
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