| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w20571 |
| 来源ID | Working Paper 20571 |
| U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull | |
| John D. Burger; Rajeswari Sengupta; Francis E. Warnock; Veronica Cacdac Warnock | |
| 发表日期 | 2014-10-13 |
| 出版年 | 2014 |
| 语种 | 英语 |
| 摘要 | We analyze reallocations within the international bond portfolios of US investors. The most striking empirical observation is a steady increase in US investors' allocations toward emerging market local currency bonds, unabated by the global financial crisis and accelerating in the post-crisis period. Part of the increase in EME allocations is associated with global "push" factors such as low US long-term interest rates and unconventional monetary policy as well as subdued risk aversion/expected volatility. But also evident is investor differentiation among EMEs, with the largest reallocations going to those EMEs with strong macroeconomic fundamentals such as more positive current account balances, less volatile inflation, and stronger economic growth. We also provide a descriptive analysis of global bond markets' structure and returns. |
| 主题 | International Economics ; International Factor Mobility ; International Finance ; Financial Economics ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w20571 |
| 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/578246 |
| 推荐引用方式 GB/T 7714 | John D. Burger,Rajeswari Sengupta,Francis E. Warnock,et al. U.S. Investment in Global Bonds: As the Fed Pushes, Some EMEs Pull. 2014. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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