Emerging Local Currency Bond Markets

Abstract

NBER WORKING PAPER SERIES EMERGING LOCAL CURRENCY BOND MARKETS John D. Burger Francis E. Warnock Veronica Cacdac Warnock Working Paper 16249 http://www.nber.org/papers/w16249 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 August 2010 This paper, previously circulated as "Investing in Local Currency Bond Markets", will be published in Financial Analysts Journal. The authors appreciate the help of Branimir Gruic and Denis Petre of the BIS, who provided data on the currency composition of bonds; Robert DeMason of J.P. Morgan, who provided aggregate returns data for (and guidance on) local currency bond markets; the Gemloc group at the World Bank for providing the underlying investability data; and Vahid Gholampour for superb research assistance. For helpful discussions and comments we are grateful to two anonymous referees, Pedro Elosegui, Romain Ranciere, Anderson Silva, and participants in workshops at Katholieke Universiteit Leuven, Wake Forest University and University of Crete and at Gemloc Advisory Services Conference, INFINITI Conference, and Banco de España/World Bank Conference on Financial Globalization. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer- reviewed or been subject to the review by the NBER Board of Directors that accompanies official …

Source: pdf_first_chars