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161223 ||| eng |
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|a 9781513552750
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100 |
1 |
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|a Ebeke, Christian
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0 |
|a Global Financial Spillovers to Emerging Market Sovereign Bond Markets
|c Christian Ebeke, Annette Kyobe
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2015
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300 |
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|a 22 pages
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651 |
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4 |
|a United States
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653 |
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|a Sovereign bonds
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653 |
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|a Public debt
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653 |
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|a Finance
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653 |
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|a Public finance & taxation
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653 |
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|a Financial institutions
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653 |
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|a Debt Management
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653 |
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|a Debts, Public
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653 |
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|a Capital market
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|a Bond yields
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653 |
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|a Debt
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653 |
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|a Currency
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653 |
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|a General Financial Markets: General (includes Measurement and Data)
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653 |
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|a Investments: Bonds
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653 |
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|a Sovereign Debt
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653 |
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|a International Financial Markets
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653 |
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|a Foreign Exchange
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653 |
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|a Financial markets
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653 |
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|a Bonds
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653 |
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|a Interest Rates: Determination, Term Structure, and Effects
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653 |
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|a Investment & securities
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653 |
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|a Public Finance
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653 |
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|a Finance: General
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653 |
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|a Foreign exchange
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653 |
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|a Financial Crises
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|a Securities markets
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653 |
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|a Forward exchange rates
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700 |
1 |
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|a Kyobe, Annette
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|a eng
|2 ISO 639-2
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|b IMF
|a International Monetary Fund
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|a IMF Working Papers
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028 |
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0 |
|a 10.5089/9781513552750.001
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856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/2015/141/001.2015.issue-141-en.xml?cid=43035-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a Foreign holdings of emerging markets (EMs) government bonds have increased substantially over the last decade. While foreign participation in local-currency sovereign bond markets provides an additional source of financing and reduces sovereign yields, it raises concerns about increased sensitivity of yields to shifts in market sentiment. The analysis in this paper suggests that foreign participation and an undiversified investor base transmit global financial shocks to local-currency sovereign bond markets by increasing yield volatility and, beyond a certain threshold, amplify these spillovers. These estimates are robust to a range of econometric techniques including panel smooth threshold regression
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