Publication:
Government Bonds in Domestic and Foreign Currency : The Role of Macroeconomic and Institutional Factors

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dc.contributor.authorClaessens, Stijn
dc.contributor.authorKlingebiel, Daniela
dc.contributor.authorSchmukler, Sergio L.
dc.date.accessioned2014-05-14T20:36:00Z
dc.date.available2014-05-14T20:36:00Z
dc.date.issued2003-03
dc.description.abstractThe development of government bond markets and, in particular, their currency composition have recently received much interest, partly because of their relation with financial crises. The authors study the determinants of the size and currency composition of government bond markets for a panel of industrial and developing countries. They find that countries with larger economies, greater domestic investor bases, and more flexible exchange rate regimes have larger domestic currency bond markets, while smaller economies rely more on foreign currency bonds. Better institutional frameworks and macroeconomic fundamentals enhance both domestic currency bond markets and increase countries' ability to issue foreign currency bonds, while they raise the share of foreign exchange bonds.en
dc.identifierhttp://documents.worldbank.org/curated/en/2003/03/2181643/government-bonds-domestic-foreign-currency-role-macroeconomic-institutional-factors
dc.identifier.doi10.1596/1813-9450-2986
dc.identifier.urihttps://hdl.handle.net/10986/18316
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 2986
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectGOVERNMENT BONDS
dc.subjectCURRENCY PARITY
dc.subjectFINANCIAL CRISES
dc.subjectMARKET DOWNTURNS
dc.subjectDOMESTIC INVESTMENT
dc.subjectEXCHANGE RATE STABILITY
dc.subjectCURRENCY CONVERTIBILITY
dc.subjectFOREIGN CURRENCY
dc.subjectINSTITUTIONAL FRAMEWORK
dc.subjectMACROECONOMIC CORRELATIONS ACCOUNTING
dc.subjectADB
dc.subjectAVERAGE INFLATION
dc.subjectBANK FOR INTERNATIONAL SETTLEMENTS
dc.subjectBANK OF ENGLAND
dc.subjectBANKING SYSTEM
dc.subjectBANKING SYSTEMS
dc.subjectBENCHMARKING
dc.subjectBOND MARKETS
dc.subjectBORROWING
dc.subjectCAPITAL CONTROLS
dc.subjectCAPITAL MARKETS
dc.subjectCENTRAL GOVERNMENTS
dc.subjectCOMMERCIAL BANKS
dc.subjectCORPORATE GOVERNANCE
dc.subjectDEBT
dc.subjectDEBT MANAGEMENT
dc.subjectDEBT RATIOS
dc.subjectDECISION MAKING
dc.subjectDEMOCRATIC INSTITUTIONS
dc.subjectDEPOSITS
dc.subjectDEVELOPED COUNTRIES
dc.subjectDEVELOPING COUNTRIES
dc.subjectDOMESTIC ECONOMY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC REVIEW
dc.subjectECONOMIES OF SCALE
dc.subjectEMERGING ECONOMIES
dc.subjectEMERGING MARKET ECONOMIES
dc.subjectEMERGING MARKETS
dc.subjectEXCHANGE RATE
dc.subjectEXCHANGE RATE ARRANGEMENTS
dc.subjectEXCHANGE RATE REGIME
dc.subjectEXCHANGE RATE REGIMES
dc.subjectEXCHANGE RATE RISK
dc.subjectEXCHANGE RATES
dc.subjectEXPENDITURES
dc.subjectEXTERNAL DEBT
dc.subjectEXTERNALITIES
dc.subjectFINANCIAL CRISES
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL FRAGILITY
dc.subjectFINANCIAL INTERMEDIATION
dc.subjectFINANCIAL MARKETS
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SYSTEM
dc.subjectFISCAL DEFICITS
dc.subjectFISCAL POLICIES
dc.subjectFIXED COSTS
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN CURRENCY DEBT
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVES
dc.subjectFUTURE RESEARCH
dc.subjectGDP
dc.subjectGOVERNMENT BONDS
dc.subjectGOVERNMENT DEBT
dc.subjectGOVERNMENT SECURITIES
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectHIGH INFLATION
dc.subjectINFLATION
dc.subjectINFLATION RATE
dc.subjectINFLATION RATES
dc.subjectINSTITUTIONAL ARRANGEMENTS
dc.subjectINSTITUTIONAL DEVELOPMENT
dc.subjectINSTITUTIONAL FRAMEWORK
dc.subjectINSURANCE
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BONDS
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL RESERVES
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectLAWS
dc.subjectLEGAL FRAMEWORK
dc.subjectLIQUIDITY
dc.subjectLOCAL CURRENCY
dc.subjectLOCAL GOVERNMENT
dc.subjectMACRO POLICIES
dc.subjectMACROECONOMIC FACTORS
dc.subjectMACROECONOMIC INSTABILITY
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICY
dc.subjectMACROECONOMIC STABILITY
dc.subjectMACROECONOMICS
dc.subjectMARKET PRICES
dc.subjectMONETARY MANAGEMENT
dc.subjectMONETARY POLICIES
dc.subjectMONETARY POLICY
dc.subjectMORAL HAZARD
dc.subjectPOLICY RESEARCH
dc.subjectPOLITICAL ECONOMY
dc.subjectPRIVATE SECTOR
dc.subjectPUBLIC DEBT
dc.subjectPUBLIC FINANCE
dc.subjectRISK PREMIUM
dc.subjectSCALE EFFECT
dc.subjectSCALE EFFECTS
dc.subjectSECONDARY MARKETS
dc.subjectSECURITIES
dc.subjectSETTLEMENT SYSTEMS
dc.subjectSHORT-TERM DEBT
dc.subjectSOCIAL SECURITY
dc.subjectSTRUCTURE OF GOVERNMENT
dc.subjectTAX
dc.subjectTAX RATES
dc.subjectTIME SERIES
dc.subjectTIME VALUE OF MONEY
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY
dc.subjectMACROECONOMIC CORRELATIONS
dc.subjectACCOUNTING
dc.titleGovernment Bonds in Domestic and Foreign Currency : The Role of Macroeconomic and Institutional Factorsen
dspace.entity.typePublication
okr.crossref.titleGovernment Bonds in Domestic and Foreign Currency: The Role of Macroeconomic and Institutional Factors
okr.date.doiregistration2025-04-10T10:27:06.820573Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2003/03/2181643/government-bonds-domestic-foreign-currency-role-macroeconomic-institutional-factors
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeFinance and Markets
okr.guid938001468739502915
okr.identifier.doi10.1596/1813-9450-2986
okr.identifier.externaldocumentum000094946_0303290422394
okr.identifier.internaldocumentum2181643
okr.identifier.reportWPS2986
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2003/04/11/000094946_0303290422394/Rendered/PDF/multi0page.pdfen
okr.sectorFinance
okr.sectorFinance :: General finance sector
okr.topicEconomic Theory and Research
okr.topicBanks and Banking Reform
okr.topicInternational Terrorism and Counterterrorism
okr.topicEnvironmental Economics and Policies
okr.topicPayment Systems and Infrastructure
okr.topicMacroeconomics and Economic Growth::Macroeconomic Management
okr.topicPublic Sector Economics and Finance
okr.topicFinance and Financial Sector Development
okr.unitMacroeconomics and Growth, Development Research Group
okr.volume1
relation.isAuthorOfPublicationad1ad457-a974-53de-815c-c7010e0fdd74
relation.isAuthorOfPublication.latestForDiscoveryad1ad457-a974-53de-815c-c7010e0fdd74
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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