U.S. investment in global bonds: As the fed pushes, some EMEs pull

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dc.contributor.author Burger, John D
dc.contributor.author Sengupta, Rajeswari
dc.contributor.author Warnock, Francis E
dc.contributor.author Warnock, Veronica C
dc.date.accessioned 2015-12-01T11:14:58Z
dc.date.available 2015-12-01T11:14:58Z
dc.date.issued 2015-01
dc.identifier.uri http://hdl.handle.net/2275/350
dc.description.abstract We analyze re-allocations within the international bond portfolios of US investors. The most striking empirical observation is a steady increase in US investors' allocations toward emerging market local currency bonds, unabated by the global financial crisis and accelerating in the post-crisis period. Part of the increase in EME allocations is associated with global “push” factors such as low US long-term interest rates and unconventional monetary policy as well as subdued risk aversion/expected volatility. But also evident is investor differentiation among EMEs, with the largest re-allocations going to those EMEs with strong macroeconomic fundamentals such as less volatile inflation and more positive current account balances. en_US
dc.language.iso en en_US
dc.relation.ispartofseries WP;WP-2015-002
dc.subject International investments en_US
dc.subject Local currency bonds en_US
dc.subject Portfolio reallocations en_US
dc.subject Macroeconomic fundamentals en_US
dc.subject Emerging economies en_US
dc.title U.S. investment in global bonds: As the fed pushes, some EMEs pull en_US
dc.type Working Paper en_US

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