| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12548 |
| 来源ID | Working Paper 12548 |
| Foreign Participation in Local Currency Bond Markets | |
| John D. Burger; Francis E. Warnock | |
| 发表日期 | 2006-10-03 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Countries that cannot attract foreigners to invest in their local currency bonds run the risk of currency mismatches that can result in painful crises. We analyze foreign participation in the bond markets of over 40 countries. Bond markets in less developed countries have returns characterized by high variance and negative skewness, factors that we show are eschewed by U.S. investors. While results based on a three-moment CAPM indicate that it is diversifiable idiosyncratic risk that U.S. investors shun, our analysis suggests that countries can improve foreign participation by reducing macroeconomic instability. |
| 主题 | International Economics ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Development and Growth ; Development |
| URL | https://www.nber.org/papers/w12548 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570208 |
| 推荐引用方式 GB/T 7714 | John D. Burger,Francis E. Warnock. Foreign Participation in Local Currency Bond Markets. 2006. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w12548.pdf（279KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
