Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers

Sienaert, Alex

World Bank, Washington, DC

关键词: ACCOUNTING;    AGGREGATE BOND INDEX;    ARBITRAGE;    ASSET CLASS;    ASSET CLASSES;   

DOI  :  10.1596/1813-9450-6284
RP-ID  :  WPS6284

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Foreign investors are increasinglyimportant participants in the local currency sovereign bondmarkets of developing countries. This note provides contexton the overall growth of local currency sovereign debtmarkets in emerging markets and the growth of foreigninvestor participation in these markets, a short review ofthe relevant academic literature, and a summary of thesources of foreign demand. The note concludes with adiscussion of the implications of growing foreign investorparticipation for the managers of public domestic debt indeveloping countries. The aim of the note is to provide auseful, practically-oriented primer for debt managersbeginning to engage on this issue, and in particular tofacilitate moving the dialogue beyond overly simplecategorizations of countries as "emerging markets"and of investors as a homogeneous source of "hot money".