The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets

The global environment for emerging market economy (EME) bond markets has changed dramatically over the past few decades. Local currency bond markets (LCBMs) have developed especially in EMEs with low inflation stronger institutions and well defined creditor rights (see Burger and Warnock 2003 2006...

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Autores principales:	Burger, John D., Warnock, Francis E., Warnock, Veronica C.
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	POLÍTICA MONETARIA BONOS
Acceso en línea:	https://hdl.handle.net/20.500.12580/3858
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spelling	oai-20.500.12580-38582021-04-24T11:13:28Z The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets Burger, John D. Warnock, Francis E. Warnock, Veronica C. POLÍTICA MONETARIA BONOS The global environment for emerging market economy (EME) bond markets has changed dramatically over the past few decades. Local currency bond markets (LCBMs) have developed especially in EMEs with low inflation stronger institutions and well defined creditor rights (see Burger and Warnock 2003 2006 Eichengreen and Luengnaruemitchai 2006 Claessens Klingebiel and Schmukler 2007). Some EMEs have been able to borrow globally in their local currency which enhances financial stability by ameliorating the currency mismatches that were at the core of past crises (Goldstein and Turner 2004). However large inflows of foreign investment can be problematic as most extreme capital flow episodes are driven by debt flows (Forbes and Warnock 2013) credit booms lead to crises (Mendoza and Terrones 2008 Gourinchas and Obstfeld 2012 Schularick and Taylor 2012) and large foreign investment flows into LCBMs can complicate the tasks of EME policymakers by appreciating real exchange rates fanning asset price bubbles and intensifying lending booms. 2019-11-01T00:08:07Z 2019-11-01T00:08:07Z 2018 Artículo 978-956-7421-58-9 https://hdl.handle.net/20.500.12580/3858 eng Series on Central Banking Analysis and Economic Policies no. 25 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 49-95 application/pdf ESTADOS UNIDOS Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	POLÍTICA MONETARIA BONOS
spellingShingle	POLÍTICA MONETARIA BONOS Burger, John D. Warnock, Francis E. Warnock, Veronica C. The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
description	The global environment for emerging market economy (EME) bond markets has changed dramatically over the past few decades. Local currency bond markets (LCBMs) have developed especially in EMEs with low inflation stronger institutions and well defined creditor rights (see Burger and Warnock 2003 2006 Eichengreen and Luengnaruemitchai 2006 Claessens Klingebiel and Schmukler 2007). Some EMEs have been able to borrow globally in their local currency which enhances financial stability by ameliorating the currency mismatches that were at the core of past crises (Goldstein and Turner 2004). However large inflows of foreign investment can be problematic as most extreme capital flow episodes are driven by debt flows (Forbes and Warnock 2013) credit booms lead to crises (Mendoza and Terrones 2008 Gourinchas and Obstfeld 2012 Schularick and Taylor 2012) and large foreign investment flows into LCBMs can complicate the tasks of EME policymakers by appreciating real exchange rates fanning asset price bubbles and intensifying lending booms.
format	Artículo
author	Burger, John D. Warnock, Francis E. Warnock, Veronica C.
author_facet	Burger, John D. Warnock, Francis E. Warnock, Veronica C.
author_sort	Burger, John D.
title	The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
title_short	The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
title_full	The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
title_fullStr	The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
title_full_unstemmed	The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets
title_sort	effects of u.s. monetary policy on emerging market economies’ sovereign and corporate bond markets
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3858
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The effects of U.S. monetary policy on emerging market economies’ sovereign and corporate bond markets

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