Government Bonds in Domestic and Foreign Currency : The Role of Macroeconomic and Institutional Factors

The development of government bond markets and, in particular, their currency composition have recently received much interest, partly because of their relation with financial crises. The authors study the determinants of the size and currency comp...

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Bibliographic Details
Main Authors:	Claessens, Stijn, Klingebiel, Daniela, Schmukler, Sergio L.
Format:	Policy Research Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2014
Subjects:	GOVERNMENT BONDS CURRENCY PARITY FINANCIAL CRISES MARKET DOWNTURNS DOMESTIC INVESTMENT EXCHANGE RATE STABILITY CURRENCY CONVERTIBILITY FOREIGN CURRENCY INSTITUTIONAL FRAMEWORK MACROECONOMIC CORRELATIONS ACCOUNTING ADB AVERAGE INFLATION BANK FOR INTERNATIONAL SETTLEMENTS BANK OF ENGLAND BANKING SYSTEM BANKING SYSTEMS BENCHMARKING BOND MARKETS BORROWING CAPITAL CONTROLS CAPITAL MARKETS CENTRAL GOVERNMENTS COMMERCIAL BANKS CORPORATE GOVERNANCE DEBT DEBT MANAGEMENT DEBT RATIOS DECISION MAKING DEMOCRATIC INSTITUTIONS DEPOSITS DEVELOPED COUNTRIES DEVELOPING COUNTRIES DOMESTIC ECONOMY ECONOMIC GROWTH ECONOMIC REVIEW ECONOMIES OF SCALE EMERGING ECONOMIES EMERGING MARKET ECONOMIES EMERGING MARKETS EXCHANGE RATE EXCHANGE RATE ARRANGEMENTS EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXCHANGE RATE RISK EXCHANGE RATES EXPENDITURES EXTERNAL DEBT EXTERNALITIES FINANCIAL CRISIS FINANCIAL FRAGILITY FINANCIAL INTERMEDIATION FINANCIAL MARKETS FINANCIAL STRUCTURE FINANCIAL SYSTEM FISCAL DEFICITS FISCAL POLICIES FIXED COSTS FOREIGN CURRENCY DEBT FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FUTURE RESEARCH GDP GOVERNMENT DEBT GOVERNMENT SECURITIES GROSS DOMESTIC PRODUCT HIGH INFLATION INFLATION INFLATION RATE INFLATION RATES INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL DEVELOPMENT INSURANCE INTEREST RATES INTERNATIONAL BONDS INTERNATIONAL MARKETS INTERNATIONAL RESERVES INVESTMENT OPPORTUNITIES LAWS LEGAL FRAMEWORK LIQUIDITY LOCAL CURRENCY LOCAL GOVERNMENT MACRO POLICIES MACROECONOMIC FACTORS MACROECONOMIC INSTABILITY MACROECONOMIC MANAGEMENT MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMICS MARKET PRICES MONETARY MANAGEMENT MONETARY POLICIES MONETARY POLICY MORAL HAZARD POLICY RESEARCH POLITICAL ECONOMY PRIVATE SECTOR PUBLIC DEBT PUBLIC FINANCE RISK PREMIUM SCALE EFFECT SCALE EFFECTS SECONDARY MARKETS SECURITIES SETTLEMENT SYSTEMS SHORT-TERM DEBT SOCIAL SECURITY STRUCTURE OF GOVERNMENT TAX TAX RATES TIME SERIES TIME VALUE OF MONEY TRANSITION ECONOMIES TRANSPARENCY MACROECONOMIC CORRELATIONS ACCOUNTING
Online Access:	http://documents.worldbank.org/curated/en/2003/03/2181643/government-bonds-domestic-foreign-currency-role-macroeconomic-institutional-factors http://hdl.handle.net/10986/18316

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http://documents.worldbank.org/curated/en/2003/03/2181643/government-bonds-domestic-foreign-currency-role-macroeconomic-institutional-factors
http://hdl.handle.net/10986/18316

Government Bonds in Domestic and Foreign Currency : The Role of Macroeconomic and Institutional Factors

Internet

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