IMF paper studies effect of global environment on domestic bond yields

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A working paper, published by the International Monetary Fund (IMF) in August, examines the relationship between the global economic environment and the sensitivity of domestic bond yields in emerging economies to changes in government spending.

Authors Laura Jaramillo and Anke Weber analyse a dataset of monthly observations for 26 emerging economies over the period 2005–2011, using US long-term bond yields to proxy for global conditions. The paper finds that when risk aversion is high among

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