| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3771 |
| DP3771 Is Aggregation a Problem for Sovereign Debt Restructuring? | |
| Ashoka Mody | |
| 发表日期 | 2003-02-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | The development of government bond markets and, in particular, their currency composition have recently received much interest, partly because of their relation with financial crises. This Paper studies determinants of the size and currency composition of government bond markets for a panel of developed and developing countries. We find that countries with larger economies, greater domestic investor bases and more flexible exchange rate regimes have larger domestic currency bond markets, while smaller economies rely more on foreign currency bonds. Better institutional frameworks and macroeconomic fundamentals enhance both domestic currency bond markets and increase countries? ability to issue foreign currency bonds, while they raise the share of foreign exchange bonds. |
| 主题 | Financial Economics |
| 关键词 | Government debt Government bond markets Sovereign bonds Foreign currency debt Currency structure |
| URL | https://cepr.org/publications/dp3771 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532775 |
| 推荐引用方式 GB/T 7714 | Ashoka Mody. DP3771 Is Aggregation a Problem for Sovereign Debt Restructuring?. 2003. |
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