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Bond markets as conduits for capital flows

The IMF Working Paper "Bond markets as conduits for capital flows: How does Asia compare?" finds that Europe is more financially integrated than other regions, while Asia already seems to have made more progress on this front than Latin America and other parts of the world.

The authors uses data on the extent to which residents of one country hold the bonds of issuers resident in another as a measure of financial integration or interrelatedness, asking how Asia compares with Europe and Latin

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