IMF: foreign activity deepens emerging bond markets
An IMF paper published last Thursday finds foreign investment in local bond markets reduces yields on long-term government paper and may contribute to stabilising yields in emerging market countries.
The recent sharp rise in foreign participation in local-currency emerging-market bond markets has raised questions as to whether foreign participation has helped deepen those markets or is a potential source of vulnerability as a transmission channel for global shocks.
The paper uses panel data to
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