Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies:
Using the universe of all externally issued bonds by corporates and sovereigns in emerging and developing economies during 2000-14, this paper analyzes various issuance trends, including the unprecedented post-crisis surge. The paper focuses on external issuance at the country-industry and individua...
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2015
|
| Schriftenreihe: | World Bank E-Library Archive
|
| Online-Zugang: | Volltext |
| Zusammenfassung: | Using the universe of all externally issued bonds by corporates and sovereigns in emerging and developing economies during 2000-14, this paper analyzes various issuance trends, including the unprecedented post-crisis surge. The paper focuses on external issuance at the country-industry and individual bond levels and finds that global factors matter greatly for emerging and developing economies issuance. A decrease in U.S. expected equity market (or interest rate) volatility, U.S. corporate credit spreads, and U.S. interbank funding costs and an increase in the Federal Reserve's balance sheet (i) raise the odds that the monthly issuance volume of a country-industry is above its historical average; (ii) decrease individual bond yields and spreads; and (iii) raise bond maturities, after controlling for country pull factors, bond characteristics (for example, type of issuer, industry, and riskiness). Additionally, we document support that the risk-taking channel of exchange rate appreciation also operates for external bond issuance. Moreover, while the paper finds that country pull factors affect the impact of global factors, it does not find consistent evidence for this across the board. This result suggests that, during loose global funding conditions, flows are mostly driven by push factors and do not systematically discriminate between emerging and developing economies. Taken together, the findings suggest that although issuers might be able to benefit from benign international funding conditions, the large issuance volumes, currency risks, and high exposure to global factors could pose external and domestic challenges for policy makers, particularly when global cycles reverse |
| Beschreibung: | 1 Online-Ressource (44 p) |
| DOI: | 10.1596/1813-9450-7363 |
Internformat
MARC
| LEADER | 00000nmm a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV048269696 | ||
| 003 | DE-604 | ||
| 007 | cr|uuu---uuuuu | ||
| 008 | 220609s2015 |||| o||u| ||||||eng d | ||
| 024 | 7 | |a 10.1596/1813-9450-7363 |2 doi | |
| 035 | |a (ZDB-1-WBA)NLM010469591 | ||
| 035 | |a (OCoLC)1334017269 | ||
| 035 | |a (DE-599)GBVNLM010469591 | ||
| 040 | |a DE-604 |b ger |e rda | ||
| 041 | 0 | |a eng | |
| 049 | |a DE-12 |a DE-521 |a DE-573 |a DE-523 |a DE-Re13 |a DE-19 |a DE-355 |a DE-703 |a DE-91 |a DE-706 |a DE-29 |a DE-M347 |a DE-473 |a DE-824 |a DE-20 |a DE-739 |a DE-1043 |a DE-863 |a DE-862 | ||
| 100 | 1 | |a Feyen, Erik |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies |c Feyen, Erik |
| 264 | 1 | |a Washington, D.C |b The World Bank |c 2015 | |
| 300 | |a 1 Online-Ressource (44 p) | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b c |2 rdamedia | ||
| 338 | |b cr |2 rdacarrier | ||
| 490 | 0 | |a World Bank E-Library Archive | |
| 520 | |a Using the universe of all externally issued bonds by corporates and sovereigns in emerging and developing economies during 2000-14, this paper analyzes various issuance trends, including the unprecedented post-crisis surge. The paper focuses on external issuance at the country-industry and individual bond levels and finds that global factors matter greatly for emerging and developing economies issuance. A decrease in U.S. expected equity market (or interest rate) volatility, U.S. corporate credit spreads, and U.S. interbank funding costs and an increase in the Federal Reserve's balance sheet (i) raise the odds that the monthly issuance volume of a country-industry is above its historical average; (ii) decrease individual bond yields and spreads; and (iii) raise bond maturities, after controlling for country pull factors, bond characteristics (for example, type of issuer, industry, and riskiness). Additionally, we document support that the risk-taking channel of exchange rate appreciation also operates for external bond issuance. Moreover, while the paper finds that country pull factors affect the impact of global factors, it does not find consistent evidence for this across the board. This result suggests that, during loose global funding conditions, flows are mostly driven by push factors and do not systematically discriminate between emerging and developing economies. Taken together, the findings suggest that although issuers might be able to benefit from benign international funding conditions, the large issuance volumes, currency risks, and high exposure to global factors could pose external and domestic challenges for policy makers, particularly when global cycles reverse | ||
| 700 | 1 | |a Ghosh, Swati |4 oth | |
| 700 | 1 | |a Farazi, Subika |4 oth | |
| 700 | 1 | |a Kibuuka, Katie |4 oth | |
| 700 | 1 | |a Feyen, Erik |4 oth | |
| 776 | 0 | 8 | |i Erscheint auch als |n Druck-Ausgabe |a Feyen, Erik |t Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies |d Washington, D.C : The World Bank, 2015 |
| 856 | 4 | 0 | |u https://doi.org/10.1596/1813-9450-7363 |x Verlag |z kostenfrei |3 Volltext |
| 912 | |a ZDB-1-WBA | ||
| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-033649891 | |
Datensatz im Suchindex
| _version_ | 1812671777956954112 |
|---|---|
| adam_text | |
| adam_txt | |
| any_adam_object | |
| any_adam_object_boolean | |
| author | Feyen, Erik |
| author_facet | Feyen, Erik |
| author_role | aut |
| author_sort | Feyen, Erik |
| author_variant | e f ef |
| building | Verbundindex |
| bvnumber | BV048269696 |
| collection | ZDB-1-WBA |
| ctrlnum | (ZDB-1-WBA)NLM010469591 (OCoLC)1334017269 (DE-599)GBVNLM010469591 |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| doi_str_mv | 10.1596/1813-9450-7363 |
| format | Electronic eBook |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>00000nmm a2200000zc 4500</leader><controlfield tag="001">BV048269696</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220609s2015 |||| o||u| ||||||eng d</controlfield><datafield tag="024" ind1="7" ind2=" "><subfield code="a">10.1596/1813-9450-7363</subfield><subfield code="2">doi</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-1-WBA)NLM010469591</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1334017269</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)GBVNLM010469591</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-521</subfield><subfield code="a">DE-573</subfield><subfield code="a">DE-523</subfield><subfield code="a">DE-Re13</subfield><subfield code="a">DE-19</subfield><subfield code="a">DE-355</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-91</subfield><subfield code="a">DE-706</subfield><subfield code="a">DE-29</subfield><subfield code="a">DE-M347</subfield><subfield code="a">DE-473</subfield><subfield code="a">DE-824</subfield><subfield code="a">DE-20</subfield><subfield code="a">DE-739</subfield><subfield code="a">DE-1043</subfield><subfield code="a">DE-863</subfield><subfield code="a">DE-862</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Feyen, Erik</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies</subfield><subfield code="c">Feyen, Erik</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Washington, D.C</subfield><subfield code="b">The World Bank</subfield><subfield code="c">2015</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 Online-Ressource (44 p)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">World Bank E-Library Archive</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">Using the universe of all externally issued bonds by corporates and sovereigns in emerging and developing economies during 2000-14, this paper analyzes various issuance trends, including the unprecedented post-crisis surge. The paper focuses on external issuance at the country-industry and individual bond levels and finds that global factors matter greatly for emerging and developing economies issuance. A decrease in U.S. expected equity market (or interest rate) volatility, U.S. corporate credit spreads, and U.S. interbank funding costs and an increase in the Federal Reserve's balance sheet (i) raise the odds that the monthly issuance volume of a country-industry is above its historical average; (ii) decrease individual bond yields and spreads; and (iii) raise bond maturities, after controlling for country pull factors, bond characteristics (for example, type of issuer, industry, and riskiness). Additionally, we document support that the risk-taking channel of exchange rate appreciation also operates for external bond issuance. Moreover, while the paper finds that country pull factors affect the impact of global factors, it does not find consistent evidence for this across the board. This result suggests that, during loose global funding conditions, flows are mostly driven by push factors and do not systematically discriminate between emerging and developing economies. Taken together, the findings suggest that although issuers might be able to benefit from benign international funding conditions, the large issuance volumes, currency risks, and high exposure to global factors could pose external and domestic challenges for policy makers, particularly when global cycles reverse</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Ghosh, Swati</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Farazi, Subika</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Kibuuka, Katie</subfield><subfield code="4">oth</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Feyen, Erik</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Feyen, Erik</subfield><subfield code="t">Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies</subfield><subfield code="d">Washington, D.C : The World Bank, 2015</subfield></datafield><datafield tag="856" ind1="4" ind2="0"><subfield code="u">https://doi.org/10.1596/1813-9450-7363</subfield><subfield code="x">Verlag</subfield><subfield code="z">kostenfrei</subfield><subfield code="3">Volltext</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-1-WBA</subfield></datafield><datafield tag="943" ind1="1" ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033649891</subfield></datafield></record></collection> |
| id | DE-604.BV048269696 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:00:01Z |
| indexdate | 2024-10-12T04:01:58Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033649891 |
| oclc_num | 1334017269 |
| open_access_boolean | 1 |
| owner | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| owner_facet | DE-12 DE-521 DE-573 DE-523 DE-Re13 DE-BY-UBR DE-19 DE-BY-UBM DE-355 DE-BY-UBR DE-703 DE-91 DE-BY-TUM DE-706 DE-29 DE-M347 DE-473 DE-BY-UBG DE-824 DE-20 DE-739 DE-1043 DE-863 DE-BY-FWS DE-862 DE-BY-FWS |
| physical | 1 Online-Ressource (44 p) |
| psigel | ZDB-1-WBA |
| publishDate | 2015 |
| publishDateSearch | 2015 |
| publishDateSort | 2015 |
| publisher | The World Bank |
| record_format | marc |
| series2 | World Bank E-Library Archive |
| spellingShingle | Feyen, Erik Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies |
| title | Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies |
| title_auth | Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies |
| title_exact_search | Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies |
| title_exact_search_txtP | Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies |
| title_full | Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies Feyen, Erik |
| title_fullStr | Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies Feyen, Erik |
| title_full_unstemmed | Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies Feyen, Erik |
| title_short | Global Liquidity and External Bond Issuance in Emerging Markets and Developing Economies |
| title_sort | global liquidity and external bond issuance in emerging markets and developing economies |
| url | https://doi.org/10.1596/1813-9450-7363 |
| work_keys_str_mv | AT feyenerik globalliquidityandexternalbondissuanceinemergingmarketsanddevelopingeconomies AT ghoshswati globalliquidityandexternalbondissuanceinemergingmarketsanddevelopingeconomies AT farazisubika globalliquidityandexternalbondissuanceinemergingmarketsanddevelopingeconomies AT kibuukakatie globalliquidityandexternalbondissuanceinemergingmarketsanddevelopingeconomies |