منابع مشابه
Latin America’s local currency bond markets: an overview
In recent years, however, domestic bond markets have constituted a growing source of financing for Latin American economies and of portfolio allocation for global investors (Figure 1). This has called into question the view that countries in the region cannot borrow in local currency at longer maturities, sometimes referred to as the “original sin” hypothesis. The expansion of these markets has...
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We use a panel of annual data for over one hundred developing countries from 1971 through 1992 to characterize currency crashes. We define a currency crash as a large change of the nominal exchange rate that is also a substantial increase in the rate of change of nominal depreciation. We examine the composition of the debt as well as its level, and a variety of other macroeconomic factors, exte...
متن کاملFinancial stability implications of local currency bond markets: an overview of the risks
Latin American countries have made considerable progress in developing their local currency bond markets. With more sizeable local bond markets come improved efficiency of financial intermediation, diversification of intermediation, reduction in the concentration of risks in the banking sector and financing of fiscal deficits in a non-inflationary manner. In addition, the more developed local c...
متن کاملDetecting Shift Contagion in Currency and Bond Markets
It is well known that equity, currency, or banking crises generate substantial real costs for the country in which they occur. Authorities and financial market participants have often been concerned that these crises would spill over or spread, leading to financial system volatility or crises elsewhere in the world. The recent Mexican, Asian, and Russian crises are examples where shocks origina...
متن کاملA Uni ed Theory of Bond and Currency Markets
I show that an external habit model augmented with a heteroskedastic consumption growth process reproduces main domestic and international bond market puzzles, considered di cult to replicate simultaneously. Domestically, the model generates an upward sloping real yield curve and realistic violations of the expectation hypothesis. Depending on the parameters, the model can also generate a downw...
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ژورنال
عنوان ژورنال: Financial Analysts Journal
سال: 2012
ISSN: 0015-198X,1938-3312
DOI: 10.2469/faj.v68.n4.4