TAILIEUCHUNG - BIS Working Papers No 334 Why issue bonds offshore?

Concerns over the 1997/98 Asian financial crisis and its contagion effects further spurred Indian authorities to strengthen the domestic financial system. Reforms were, and continue to be, based on several principles: (i) mitigate risks in the financial system; (ii) efficiently allocate resources to the real sector; (iii) make the financial system competitive globally; and (iv) open the external sector. The goal was to promote a diversified, efficient, and competitive financial system which would ultimately improve the efficiency of resource allocation through operational flexibility, enhanced financial viability, and institutional strengthening. Banking Sector Reform Reform of the banking system has. | BANK FOR INTERNATIONAL SETTLEMENTS BIS Working Papers No 391 Emerging market local currency bonds diversification and stability by Ken Miyajima M S Mohanty and Tracy Chan Monetary and Economic Department November 2012 JEL classification E43 F36 G12. Keywords Currency mismatches emerging market local currency bond diversification benefit safe asset panel VAR BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements and from time to time by other economists and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. This publication is available on the BIS website . Bank for International Settlements 2012. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 print ISSN 1682-7678 online Emerging market local currency bonds diversification and stability Ken Miyajima M S Mohanty and Tracy Chan1 Abstract Over the past three years cross-border inflows into emerging market EM local currency bonds have surged. The returns on these bonds have moved more closely with those on international assets regarded as safe particularly following the euro area debt crisis. This paper first demonstrates that domestic factors have tended to dictate the dynamics of the EM local currency government yield. The importance of local drivers has probably increased the potential diversification benefit creating strong appetite for the asset class. Second the paper confirms that EM local currency government yields have behaved more like safe haven yields since 2008 they have dropped rather than increased in response to worsening global risk sentiment. Yet EM local currency government yields could be susceptible to adverse external shocks the yield dynamics have been affected by unsustainably low US Treasury yields. .

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