Emerging market bonds behaving as safe assets, says BIS paper


Emerging market local government bond yields have behaved more like safe-haven yields since 2008, according to a working paper published by the Bank for International Settlements today (November 15).

The authors, Ken Miyajima, Madhusudan Mohanty and Tracy Chan, say local bond markets in emerging market economies have expanded, aided by strong macroeconomic fundamentals in those countries and possibly by an increased investor appetite for diversification from advanced market bonds that could

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