Title Real money investors and sovereign bond yields / prepared by Laura Jaramillo and Y. Sophia Zhang

Published [Washington, D.C.] : International Monetary Fund, ©2013

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Description 1 online resource (24 pages) Series IMF working paper, 2227-8885 ; WP/13/254 IMF working paper ; WP/13/254 Contents Cover; Abstract; Contents; I. Introduction; II. Literature Review; III. Stylized Facts; Figures; 1. Fiscal Indicators and Sovereign Bond Yields, 2008-2012; 2. Real Money Investors and Sovereign Bond Yields, 2008-2012; 3. Investor Base, 2012; 4. Investor Base by Region, 2004-2012; 5. Real Money Investors, 2007; IV. Empirical Model Specification; V. Data and Methodology; A. Data Sources; B. Results and Policy Implications; VI. Summary and Conclusions; Table; 1. Determinants of Sovereign Bond Yields; References Summary "Experience from the global financial crisis suggests that countries' borrowing costs are not solely determined by macro and fiscal fundamentals. Factors such as ownership structures of government securities, among others, also play a significant role. This paper investigates the effect of "real money investors"--Domestic nonbanks and national and foreign central banks--on bond yields for a sample of 45 advanced and emerging market economies. The results show that, while bond yields rise with the debt to GDP ratio, this increase is partly offset if this debt falls in the hands of real money investors. Nonetheless, for some countries there is the risk that such ownership structure could change over the long run, which would impose upward pressure on borrowing costs, especially where fiscal positions are weak"--Abstract Notes At head of title: Fiscal Affairs Department "November 2013." Bibliography Includes bibliographical references Notes Online resource; title from pdf title page (IMF.org Web site, viewed January 10, 2013) Subject Investments -- Developing countries -- Econometric models Investments -- Developed countries -- Econometric models Government securities -- Developing countries -- Econometric models Government securities -- Developed countries -- Econometric models Nonbank financial institutions -- Developing countries -- Econometric models Nonbank financial institutions -- Developed countries -- Econometric models Banks and banking, Central -- Developing countries -- Econometric models Banks and banking, Central -- Developed countries -- Econometric models Banks and banking, Central -- Econometric models Government securities -- Econometric models Investments -- Econometric models Developed countries Developing countries Form Electronic book Author Zhang, Yuanyan Sophia, author International Monetary Fund. Fiscal Affairs Department, issuing body ISBN 9781475541540 1475541546 1484316258 9781484316252

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