BIS researchers dissect emerging market fire sales

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The BIS
Dan Hinge

Emerging market bond fund managers appear to add to procyclical behaviour by investors by making additional discretionary sales when faced by a "sudden stop", according to research published today (August 24) by the Bank for International Settlements (BIS).

In the working paper Investor redemptions and fund manager sales of emerging market bonds: how are they related?, Jimmy Shek, Ilhyock Shim and Hyun Song Shin study the cases of 18 local currency and 18 international currency emerging market

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