Bond yields in emerging economies: It matters what state you are in
نویسندگان
چکیده
Article history: Received 26 August 2013 Received in revised form 5 September 2013 Accepted 23 September 2013 Available online 29 September 2013 While many studies have looked into the determinants of yields on externally issued sovereign bonds of emerging economies, analysis of domestically issued bonds has hitherto been limited, despite their growing relevance. This paper finds that the extent to which fiscal variables affect domestic bond yields in emerging economies depends on the level of global risk aversion. During tranquil times in global markets, fiscal variables do not seem to be a significant determinant of domestic bond yields in emerging economies. However, when market participants are on edge, they pay more attention to country-specific fiscal fundamentals, revealing greater alertness about default risk. © 2013 Elsevier B.V. All rights reserved. JEL classification: E44 E62 G15 H63 O16
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