Exploring the Role of Foreign Investors in Russia's Local Currency Government Bond (OFZ) Market PDF Download
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Author: Yinqiu Lu
Publisher: International Monetary Fund
ISBN: 1475577583
Category : Business & Economics
Languages : en
Pages : 37
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Book Description
Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia’s financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a focus on foreign investors. As this fixed-income market has experienced a liberalization of the domestic trading and settlement infrastructure, and weathered several episodes of market stresses since the 2008–09 global financial crisis, the role of foreign investors can be observed along with these events. What we have found is that foreign investors had influenced the market before they became an important player and since then they have contributed to the development of the market while not necessarily destabilizing it in episodes of shocks.
Author: Yinqiu Lu
Publisher: International Monetary Fund
ISBN: 1475577583
Category : Business & Economics
Languages : en
Pages : 37
Get Book Here
Book Description
Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia’s financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a focus on foreign investors. As this fixed-income market has experienced a liberalization of the domestic trading and settlement infrastructure, and weathered several episodes of market stresses since the 2008–09 global financial crisis, the role of foreign investors can be observed along with these events. What we have found is that foreign investors had influenced the market before they became an important player and since then they have contributed to the development of the market while not necessarily destabilizing it in episodes of shocks.
Author: Yinqiu Lu
Publisher: International Monetary Fund
ISBN: 1475579756
Category : Business & Economics
Languages : en
Pages : 37
Get Book Here
Book Description
Local currency government bonds (OFZ bonds) are an important fixed-income instrument in Russia’s financial markets. In this paper, based on granular data, we explore the development of the OFZ bond market with a focus on foreign investors. As this fixed-income market has experienced a liberalization of the domestic trading and settlement infrastructure, and weathered several episodes of market stresses since the 2008–09 global financial crisis, the role of foreign investors can be observed along with these events. What we have found is that foreign investors had influenced the market before they became an important player and since then they have contributed to the development of the market while not necessarily destabilizing it in episodes of shocks.
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
ISBN: 9781557757777
Category : Business & Economics
Languages : en
Pages : 74
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Book Description
Capital account liberalization - orderly, properly sequence, and befitting the individual circumstances of countries- is an inevitable step for all countries wishing to realize the benefits of the globalized economy. This paper reviews the theories behind capital account liberalization and examines the dangers associated with free capital flows. The authors conclude that the dangers can be limited through a combination of sound macroeconomic and prudential policies.
Author: Alexander Fleming
Publisher: World Bank Publications
ISBN: 9780821348147
Category : Business & Economics
Languages : en
Pages : 302
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Book Description
This book contains 21 papers focusing on a wide range of issues concerning financial sector transition in the countries of Europe and Central Asia (ECA). It places the transition economies in the context of recent and prospective developments in global financial markets. This book also evaluates the experience of the last 10 years and reviews the progress from a command financial system to a market-based one, identifying some of the key characteristics of the financial transition.
Author: Ms.Anastasia Guscina
Publisher: International Monetary Fund
ISBN: 1498310680
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
International bond issuance by debut issuers has risen in recent years. The uptick was a result of both demand and supply factors. The search for yield and demand for portfolio diversification have resulted in demand-driven easy financing conditions. At the same time, rising financing needs for many debut issuers, coupled with reduced access to concessional financing, relatively undeveloped domestic markets, and a favorable interest rate environment have made international bonds an attractive financing alternative for many countries. As bonds issued in the international markets are typically denominated in hard currencies, have large volumes and a bullet structure, exposure to exchange rate and refinancing risk has increased. Therefore, risk-mitigating policy actions are needed to prepare for redemption, support debt sustainability, and secure adequate debt management capacity.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 9781589061224
Category : Business & Economics
Languages : en
Pages : 260
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Book Description
This paper empirically investigates the monetary impact of banking crises in Chile, Colombia, Denmark, Japan, Kenya, Malaysia, and Uruguay during 1975–98. Cointegration analysis and error correction modeling are used to research two issues: (i) whether money demand stability is threatened by banking crises; and (ii) whether crises lead to structural breaks in the relation between monetary indicators and prices. Overall, no systematic evidence that banking crises cause money demand instability is found. The paper also analyzes inflation targeting in the context of the IMF-supported adjustment programs.
Author: David M. Andrews
Publisher: Cornell University Press
ISBN: 9780801444562
Category : International economic relations
Languages : en
Pages : 236
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Book Description
This book provides a thorough overview of how money is used as a tool to achieve international political aims.
Author: Başak Başoğlu
Publisher: Springer
ISBN: 331927256X
Category : Law
Languages : en
Pages : 340
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Book Description
This book is about one of the most controversial dilemmas of contract law: whether or not the unexpected change of circumstances due to the effects of financial crises may under certain conditions be taken into account. Growing interconnectedness of global economies facilitates the spread of the effects of the financial crises. Financial crises cause severe difficulties for persons to fulfill their contractual obligations. During the financial crises, performance of contractual obligations may become excessively onerous or may cause an excessive loss for one of the contracting parties and consequently destroy the contractual equilibrium and legitimate the governmental interventions. Uncomfortable economic climate leads to one of the most controversial dilemmas of the contract law: whether the binding force of the contract is absolute or not. In other words, unstable economic circumstances impose the need to devote special attention to review and perhaps to narrow the binding nature of a contract. Principle of good faith and fair dealing motivate a variety of theoretical bases in order to overcome the legal consequences of financial crises. In this book, all these theoretical bases are analyzed with special focus on the available remedies, namely renegotiation, rescission or revision and the circumstances which enables the revocation of these remedies. The book collects the 19 national reports and the general report originally presented in the session regarding the Effects of Financial Crises on the Binding Force of Contracts: Renegotiation, Rescission or Revision during the XIXth congress of the International Academy of Comparative Law, held in Vienna, July 2014.
Author: Alan Timberlake
Publisher: Cambridge University Press
ISBN: 9781139449342
Category : Foreign Language Study
Languages : en
Pages : 524
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Book Description
This book describes and systematizes all aspects of the grammar of Russian: the patterns of orthography, sounds, inflection, syntax, tense-aspect-mood, word order, and intonation. It is especially concerned with the meaning of combinations of words (constructions). The core concept is that of the predicate history: a record of the states of entities through time and across possibilities. Using predicate histories, the book presents an integrated account of the semantics of verbs, nouns, case, and aspect. More attention is paid to syntax than in any other grammars of Russian written in English or in other languages of Western Europe. Alan Timberlake refers to the literature on variation and trends in development, and makes use of contemporary data from the internet. This book will appeal to students, scholars and language professionals interested in Russian.
Author: Mr.Serkan Arslanalp
Publisher: International Monetary Fund
ISBN: 151357065X
Category : Business & Economics
Languages : en
Pages : 25
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Book Description
Portfolio flows to emerging markets (EMs) tend to be correlated. A possible explanation is the role global benchmarks play in allocating capital internationally, the so-called “benchmark effect.” This paper finds that benchmark-driven investors indeed play a large role in a key segment of the market—the EM local currency government bond market—, accounting for more than one third of total foreign holdings as of end-2014. We find that the prominence of these investors declined somewhat after the May 2013 taper tantrum, but remain high. This distinction is important in understanding the drivers of EM capital flows and their sensitivity to different types of shocks. In particular, a high share of benchmark-driven investors may result in capital flows that are more sensitive to global shocks and less sensitive to country factors.
