Real money investors and sovereign bond yields /

Real money investors and sovereign bond yields /

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Bibliographic Details
Author / Creator:	Jaramillo, L. (Laura), author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©2013.
Description:	1 online resource (24 pages)
Language:	English
Series:	IMF working paper, 2227-8885 ; WP/13/254 IMF working paper ; WP/13/254.
Subject:	Investments -- Developing countries -- Econometric models. Investments -- Developed countries -- Econometric models. Government securities -- Developing countries -- Econometric models. Government securities -- Developed countries -- Econometric models. Nonbank financial institutions -- Developing countries -- Econometric models. Nonbank financial institutions -- Developed countries -- Econometric models. Banks and banking, Central -- Developing countries -- Econometric models. Banks and banking, Central -- Developed countries -- Econometric models. Banks and banking, Central -- Econometric models. Government securities -- Econometric models. Investments -- Econometric models. Developed countries. Developing countries. Electronic books.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12502370

Hidden Bibliographic Details
Other authors / contributors:	Zhang, Yuanyan Sophia, author. International Monetary Fund. Fiscal Affairs Department, issuing body.
ISBN:	9781475541540 1475541546 1484316258 9781484316252 9781484316252
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).
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.
Other form:	Print Version: 9781484316252
Standard no.:	10.5089/9781484316252.001

Description
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.
Item Description:	At head of title: Fiscal Affairs Department. "November 2013."
Physical Description:	1 online resource (24 pages)
Bibliography:	Includes bibliographical references.
ISBN:	9781475541540 1475541546 1484316258 9781484316252
ISSN:	2227-8885 ;