Click here for search results
Government bonds in domestic and foreign currency: the role of macroeconomic and institutional factors, Volume 1
 
Author:Claessens, Stijn; Klingebiel, Daniela; Schmukler, Sergio; Collection Title:Policy, Research working paper ; no. WPS 2986
Date Stored:2003/04/11Document Date:2003/03/31
Document Type:Policy Research Working PaperSubTopics:Environmental Economics & Policies; International Terrorism & Counterterrorism; Economic Theory & Research; Payment Systems & Infrastructure; Macroeconomic Management; Banks & Banking Reform; Public Sector Economics
Language:EnglishMajor Sector:(Historic)Sector not applicable
Report Number:WPS2986Sub Sectors:(Historic)Sector not applicable; General finance sector
Volume No:1  

Summary: 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. The authors study the determinants of the size and currency composition of government bond markets for a panel of industrial and developing countries. They 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.

Official Documents
Official, scanned versions of documents (may include signatures, etc.)
File TypeDescriptionFile Size (mb)
PDF 48 pagesOfficial version*3.36 (approx.)
TextText version**
How To Order
Light-Weight Documents
Lighter (less MB) documents which may or may not be the final, official version
File TypeDescriptionFile Size (mb)
PDF 40 pagesWPS29860.16

* The official version is derived from scanning the final, paper copy of the document and is the official,
archived version including all signatures, charts, etc.
** The text version is the OCR text of the final scanned version and is not an accurate representation of the final text.
It is provided solely to benefit users with slow connectivity.



Permanent URL for this page: http://go.worldbank.org/JSD9F37B00