Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers
Foreign investors are increasingly important participants in the local currency sovereign bond markets of developing countries. This note provides context on the overall growth of local currency sovereign debt markets in emerging markets and the gr...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2012/12/17027882/foreign-investment-local-currency-bonds-considerations-emerging-market-public-debt-managers http://hdl.handle.net/10986/12152 |
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okr-10986-12152 |
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oai_dc |
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Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
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World Bank |
| language |
English en_US |
| topic |
ACCOUNTING AGGREGATE BOND INDEX ARBITRAGE ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGERS ASSET PRICES BALANCE SHEET BALANCE SHEETS BANK POLICY BANKING SECTOR BASIS POINT BENCHMARK BOND BOND FLOWS BOND FUND BOND INDEX BOND INDICES BOND ISSUANCE BOND ISSUERS BOND ISSUES BOND MARKET BOND MARKET DEVELOPMENT BOND MARKET VALUE BOND PRICES BOND YIELDS BONDS BORROWING COSTS BORROWING REQUIREMENTS BUY-BACKS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ALLOCATION CAPITAL INFLOWS CAPITAL MARKETS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKING CORPORATE BOND CORPORATE BOND RETURNS COUPON CREDIT DERIVATIVE CREDIT DERIVATIVES CREDIT QUALITY CREDIT RISK CURRENCY COMPOSITION CURRENCY RISKS CUSTODY DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUANCES DEBT MARKET DEBT RATIO DERIVATIVE CONTRACTS DERIVATIVE MARKET DERIVATIVES MARKET DERIVATIVES MARKETS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT BANK DOMESTIC BOND DOMESTIC BOND MARKET DOMESTIC BOND MARKET DEVELOPMENT DOMESTIC BOND MARKETS DOMESTIC BONDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC GOVERNMENT BONDS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES ECONOMIC DEVELOPMENT ECONOMIC POLICIES EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EXTERNAL DEBT FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL INTEGRATION FINANCIAL MARKET FINANCIAL STABILITY FISCAL POLICIES FIXED INCOME FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN HOLDINGS FOREIGN INVESTMENT FOREIGN INVESTOR FOREIGN INVESTORS FOREIGN OWNERSHIP GLOBAL BOND GLOBAL BOND INDICES GLOBAL BOND MARKET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL STABILITY GLOBAL MARKET GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT SECURITIES HEDGE FUND HEDGE FUND INVESTORS HEDGE FUNDS HOLDINGS INCOME LEVEL INFLATION INFLATION RISK INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNATIONAL BANK INTERNATIONAL BONDS INTERNATIONAL SECURITIES INTERNATIONAL SETTLEMENTS INVESTMENT BANKS INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT HORIZONS INVESTMENT IN BONDS INVESTOR BASE INVESTOR CONFIDENCE INVESTOR DEMAND INVESTOR INTEREST INVESTOR PARTICIPATION INVESTOR RELATIONS ISSUANCE LEVY LIQUIDATION LIQUIDATIONS LIQUIDITY LOCAL CURRENCY LOCAL MARKET LOCAL MARKETS LONG-TERM INVESTMENT LONG-TERM INVESTORS LONG-TERM YIELDS MARKET CAPITALIZATION MARKET CONDITIONS MARKET DEBT MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCIES MARKET INFRASTRUCTURE MARKET INTEGRATION MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PRICE MARKET SIZE MATURITY MATURITY STRUCTURE MONETARY AUTHORITIES NET DEBT OFFSHORE INVESTOR OFFSHORE INVESTORS OFFSHORE MARKETS OUTSTANDING GOVERNMENT SECURITIES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIO INVESTMENT PRICE DISCOVERY PRIMARY DEALERS PUBLIC BORROWING PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT MANAGERS PUBLIC DEBT SECURITIES PUBLIC INVESTMENT RANGE OF INVESTOR RAPID GROWTH REGULATORY CONSTRAINTS REPO REPO MARKETS RESERVE RESERVES RETAIL INVESTORS RETURN RETURNS RISK MANAGEMENT RISK PROFILE RISKY ASSET RISKY ASSETS SECONDARY MARKET SECONDARY MARKET LIQUIDITY SECURITIES SECURITIES MARKETS SETTLEMENT SETTLEMENT INFRASTRUCTURE SINKING FUND SOVEREIGN BOND SOVEREIGN BOND MARKETS SOVEREIGN BONDS SOVEREIGN DEBT SOVEREIGN DEBT MARKETS SOVEREIGN RATINGS STOCK EXCHANGE STOCK EXCHANGES SWAP T-BILLS TRADING TRANSACTION TRANSACTION COSTS TREASURIES TREASURY TREASURY SECURITIES TREASURY SECURITY WAREHOUSE YIELD CURVE |
| spellingShingle |
ACCOUNTING AGGREGATE BOND INDEX ARBITRAGE ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGERS ASSET PRICES BALANCE SHEET BALANCE SHEETS BANK POLICY BANKING SECTOR BASIS POINT BENCHMARK BOND BOND FLOWS BOND FUND BOND INDEX BOND INDICES BOND ISSUANCE BOND ISSUERS BOND ISSUES BOND MARKET BOND MARKET DEVELOPMENT BOND MARKET VALUE BOND PRICES BOND YIELDS BONDS BORROWING COSTS BORROWING REQUIREMENTS BUY-BACKS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ALLOCATION CAPITAL INFLOWS CAPITAL MARKETS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKING CORPORATE BOND CORPORATE BOND RETURNS COUPON CREDIT DERIVATIVE CREDIT DERIVATIVES CREDIT QUALITY CREDIT RISK CURRENCY COMPOSITION CURRENCY RISKS CUSTODY DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUANCES DEBT MARKET DEBT RATIO DERIVATIVE CONTRACTS DERIVATIVE MARKET DERIVATIVES MARKET DERIVATIVES MARKETS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT BANK DOMESTIC BOND DOMESTIC BOND MARKET DOMESTIC BOND MARKET DEVELOPMENT DOMESTIC BOND MARKETS DOMESTIC BONDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC GOVERNMENT BONDS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES ECONOMIC DEVELOPMENT ECONOMIC POLICIES EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EXTERNAL DEBT FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL INTEGRATION FINANCIAL MARKET FINANCIAL STABILITY FISCAL POLICIES FIXED INCOME FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN HOLDINGS FOREIGN INVESTMENT FOREIGN INVESTOR FOREIGN INVESTORS FOREIGN OWNERSHIP GLOBAL BOND GLOBAL BOND INDICES GLOBAL BOND MARKET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL STABILITY GLOBAL MARKET GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT SECURITIES HEDGE FUND HEDGE FUND INVESTORS HEDGE FUNDS HOLDINGS INCOME LEVEL INFLATION INFLATION RISK INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNATIONAL BANK INTERNATIONAL BONDS INTERNATIONAL SECURITIES INTERNATIONAL SETTLEMENTS INVESTMENT BANKS INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT HORIZONS INVESTMENT IN BONDS INVESTOR BASE INVESTOR CONFIDENCE INVESTOR DEMAND INVESTOR INTEREST INVESTOR PARTICIPATION INVESTOR RELATIONS ISSUANCE LEVY LIQUIDATION LIQUIDATIONS LIQUIDITY LOCAL CURRENCY LOCAL MARKET LOCAL MARKETS LONG-TERM INVESTMENT LONG-TERM INVESTORS LONG-TERM YIELDS MARKET CAPITALIZATION MARKET CONDITIONS MARKET DEBT MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCIES MARKET INFRASTRUCTURE MARKET INTEGRATION MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PRICE MARKET SIZE MATURITY MATURITY STRUCTURE MONETARY AUTHORITIES NET DEBT OFFSHORE INVESTOR OFFSHORE INVESTORS OFFSHORE MARKETS OUTSTANDING GOVERNMENT SECURITIES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIO INVESTMENT PRICE DISCOVERY PRIMARY DEALERS PUBLIC BORROWING PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT MANAGERS PUBLIC DEBT SECURITIES PUBLIC INVESTMENT RANGE OF INVESTOR RAPID GROWTH REGULATORY CONSTRAINTS REPO REPO MARKETS RESERVE RESERVES RETAIL INVESTORS RETURN RETURNS RISK MANAGEMENT RISK PROFILE RISKY ASSET RISKY ASSETS SECONDARY MARKET SECONDARY MARKET LIQUIDITY SECURITIES SECURITIES MARKETS SETTLEMENT SETTLEMENT INFRASTRUCTURE SINKING FUND SOVEREIGN BOND SOVEREIGN BOND MARKETS SOVEREIGN BONDS SOVEREIGN DEBT SOVEREIGN DEBT MARKETS SOVEREIGN RATINGS STOCK EXCHANGE STOCK EXCHANGES SWAP T-BILLS TRADING TRANSACTION TRANSACTION COSTS TREASURIES TREASURY TREASURY SECURITIES TREASURY SECURITY WAREHOUSE YIELD CURVE Sienaert, Alex Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers |
| relation |
Policy Research Working Paper; No. 6284 |
| description |
Foreign investors are increasingly
important participants in the local currency sovereign bond
markets of developing countries. This note provides context
on the overall growth of local currency sovereign debt
markets in emerging markets and the growth of foreign
investor participation in these markets, a short review of
the relevant academic literature, and a summary of the
sources of foreign demand. The note concludes with a
discussion of the implications of growing foreign investor
participation for the managers of public domestic debt in
developing countries. The aim of the note is to provide a
useful, practically-oriented primer for debt managers
beginning to engage on this issue, and in particular to
facilitate moving the dialogue beyond overly simple
categorizations of countries as "emerging markets"
and of investors as a homogeneous source of "hot money". |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
Sienaert, Alex |
| author_facet |
Sienaert, Alex |
| author_sort |
Sienaert, Alex |
| title |
Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers |
| title_short |
Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers |
| title_full |
Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers |
| title_fullStr |
Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers |
| title_full_unstemmed |
Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers |
| title_sort |
foreign investment in local currency bonds : considerations for emerging market public debt managers |
| publisher |
World Bank, Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2012/12/17027882/foreign-investment-local-currency-bonds-considerations-emerging-market-public-debt-managers http://hdl.handle.net/10986/12152 |
| _version_ |
1764422081775140864 |
| spelling |
okr-10986-121522021-04-23T14:03:05Z Foreign Investment in Local Currency Bonds : Considerations for Emerging Market Public Debt Managers Sienaert, Alex ACCOUNTING AGGREGATE BOND INDEX ARBITRAGE ASSET CLASS ASSET CLASSES ASSET MANAGEMENT ASSET MANAGERS ASSET PRICES BALANCE SHEET BALANCE SHEETS BANK POLICY BANKING SECTOR BASIS POINT BENCHMARK BOND BOND FLOWS BOND FUND BOND INDEX BOND INDICES BOND ISSUANCE BOND ISSUERS BOND ISSUES BOND MARKET BOND MARKET DEVELOPMENT BOND MARKET VALUE BOND PRICES BOND YIELDS BONDS BORROWING COSTS BORROWING REQUIREMENTS BUY-BACKS CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL ALLOCATION CAPITAL INFLOWS CAPITAL MARKETS CENTRAL BANK CENTRAL BANKS COLLATERAL COMMERCIAL BANKING CORPORATE BOND CORPORATE BOND RETURNS COUPON CREDIT DERIVATIVE CREDIT DERIVATIVES CREDIT QUALITY CREDIT RISK CURRENCY COMPOSITION CURRENCY RISKS CUSTODY DEBT INSTRUMENTS DEBT ISSUANCE DEBT ISSUANCES DEBT MARKET DEBT RATIO DERIVATIVE CONTRACTS DERIVATIVE MARKET DERIVATIVES MARKET DERIVATIVES MARKETS DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPMENT BANK DOMESTIC BOND DOMESTIC BOND MARKET DOMESTIC BOND MARKET DEVELOPMENT DOMESTIC BOND MARKETS DOMESTIC BONDS DOMESTIC CAPITAL DOMESTIC CAPITAL MARKETS DOMESTIC CURRENCY DOMESTIC DEBT DOMESTIC DEBT MARKETS DOMESTIC GOVERNMENT BONDS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC SECURITIES ECONOMIC DEVELOPMENT ECONOMIC POLICIES EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITIES EXTERNAL DEBT FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL CRISIS FINANCIAL INTEGRATION FINANCIAL MARKET FINANCIAL STABILITY FISCAL POLICIES FIXED INCOME FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN EXCHANGE FOREIGN HOLDINGS FOREIGN INVESTMENT FOREIGN INVESTOR FOREIGN INVESTORS FOREIGN OWNERSHIP GLOBAL BOND GLOBAL BOND INDICES GLOBAL BOND MARKET GLOBAL CAPITAL GLOBAL CAPITAL MARKETS GLOBAL FINANCIAL STABILITY GLOBAL MARKET GOVERNMENT BOND GOVERNMENT DEBT GOVERNMENT DEBT SECURITIES GOVERNMENT SECURITIES HEDGE FUND HEDGE FUND INVESTORS HEDGE FUNDS HOLDINGS INCOME LEVEL INFLATION INFLATION RISK INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNATIONAL BANK INTERNATIONAL BONDS INTERNATIONAL SECURITIES INTERNATIONAL SETTLEMENTS INVESTMENT BANKS INVESTMENT DECISIONS INVESTMENT FUNDS INVESTMENT HORIZONS INVESTMENT IN BONDS INVESTOR BASE INVESTOR CONFIDENCE INVESTOR DEMAND INVESTOR INTEREST INVESTOR PARTICIPATION INVESTOR RELATIONS ISSUANCE LEVY LIQUIDATION LIQUIDATIONS LIQUIDITY LOCAL CURRENCY LOCAL MARKET LOCAL MARKETS LONG-TERM INVESTMENT LONG-TERM INVESTORS LONG-TERM YIELDS MARKET CAPITALIZATION MARKET CONDITIONS MARKET DEBT MARKET DEVELOPMENT MARKET DEVELOPMENTS MARKET EFFICIENCIES MARKET INFRASTRUCTURE MARKET INTEGRATION MARKET LIQUIDITY MARKET PARTICIPANTS MARKET PRICE MARKET SIZE MATURITY MATURITY STRUCTURE MONETARY AUTHORITIES NET DEBT OFFSHORE INVESTOR OFFSHORE INVESTORS OFFSHORE MARKETS OUTSTANDING GOVERNMENT SECURITIES PENSION PENSION FUNDS PORTFOLIO PORTFOLIO DIVERSIFICATION PORTFOLIO INVESTMENT PRICE DISCOVERY PRIMARY DEALERS PUBLIC BORROWING PUBLIC DEBT PUBLIC DEBT MANAGEMENT PUBLIC DEBT MANAGERS PUBLIC DEBT SECURITIES PUBLIC INVESTMENT RANGE OF INVESTOR RAPID GROWTH REGULATORY CONSTRAINTS REPO REPO MARKETS RESERVE RESERVES RETAIL INVESTORS RETURN RETURNS RISK MANAGEMENT RISK PROFILE RISKY ASSET RISKY ASSETS SECONDARY MARKET SECONDARY MARKET LIQUIDITY SECURITIES SECURITIES MARKETS SETTLEMENT SETTLEMENT INFRASTRUCTURE SINKING FUND SOVEREIGN BOND SOVEREIGN BOND MARKETS SOVEREIGN BONDS SOVEREIGN DEBT SOVEREIGN DEBT MARKETS SOVEREIGN RATINGS STOCK EXCHANGE STOCK EXCHANGES SWAP T-BILLS TRADING TRANSACTION TRANSACTION COSTS TREASURIES TREASURY TREASURY SECURITIES TREASURY SECURITY WAREHOUSE YIELD CURVE Foreign investors are increasingly important participants in the local currency sovereign bond markets of developing countries. This note provides context on the overall growth of local currency sovereign debt markets in emerging markets and the growth of foreign investor participation in these markets, a short review of the relevant academic literature, and a summary of the sources of foreign demand. The note concludes with a discussion of the implications of growing foreign investor participation for the managers of public domestic debt in developing countries. The aim of the note is to provide a useful, practically-oriented primer for debt managers beginning to engage on this issue, and in particular to facilitate moving the dialogue beyond overly simple categorizations of countries as "emerging markets" and of investors as a homogeneous source of "hot money". 2013-01-25T21:43:40Z 2013-01-25T21:43:40Z 2012-12 http://documents.worldbank.org/curated/en/2012/12/17027882/foreign-investment-local-currency-bonds-considerations-emerging-market-public-debt-managers http://hdl.handle.net/10986/12152 English en_US Policy Research Working Paper; No. 6284 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |