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Is Banks' Home Bias Good or Bad for Public Debt Sustainability?

Is Banks' Home Bias Good or Bad for Public Debt Sustainability? »

Volume/Issue: 2015/44

Series: IMF Working Papers

Author(s): Tamon Asonuma , Said Bakhache , and Heiko Hesse

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2015

DOI: http://dx.doi.org/10.5089/9781498323505.001

ISBN: 9781498323505

Keywords: Home Bias, Government Bond Yields, Primary Balance, Sovereign-bank Nexus, debt, public debt, bond, sovereign debt, market, Deficit,

Motivated by the recent increase in domestic banks' holdings of domestic sovereign debt (i.e., home bias) in the European periphery, this paper analyzes implications of banks' home bias for the sovereign's debt sus...

Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?

Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates? »

Volume/Issue: 2017/291

Series: IMF Working Papers

Author(s): Jonathan Adams , and Philip Barrett

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 22 December 2017

DOI: http://dx.doi.org/10.5089/9781484335468.001

ISBN: 9781484335468

Keywords: Country portfolios, international business cycles, home bias, gross asset positions, exchange rates, Backus-Smith puzzle, General, Open Economy Macroeconomics

Most countries hold large gross asset positions, lending in domestic currency and borrowing in foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue that when asset markets are incompl...

U.S. Investors' Emerging Market Equity Portfolios
			: A Security-Level Analysis

U.S. Investors' Emerging Market Equity Portfolios : A Security-Level Analysis »

Volume/Issue: 2003/238

Series: IMF Working Papers

Author(s): Francis Warnock , and Hali Edison

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2003

DOI: http://dx.doi.org/10.5089/9781451875768.001

ISBN: 9781451875768

Keywords: portfolio choice, home bias, international risk sharing, investors, cost of capital, foreign ownership, foreign securities, institutional investors, and international risk sharing,

We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by U.S. investors. We...

Determinants of Financial Market Spillovers
			: The Role of Portfolio Diversification, Trade, Home Bias, and Concentration

Determinants of Financial Market Spillovers : The Role of Portfolio Diversification, Trade, Home Bias, and Concentration »

Volume/Issue: 2014/187

Series: IMF Working Papers

Author(s): Yoko Shinagawa

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 17 October 2014

DOI: http://dx.doi.org/10.5089/9781498365628.001

ISBN: 9781498365628

Keywords: Financial Spillover, Coordinated Portfolio Investment Survey (CPIS), Home Bias, portfolio investment, financial market, bond, bond markets, International Policy Coordination and Transmission, Portfolio Choice,

This paper defines financial market spillovers as the comovement between two countries' financial markets and analyzes financial market spillovers over the period 2001-12 through four channels: bilateral portfolio...

Globalization, Gluts, Innovation or Irrationality
			: What Explains the Easy Financing of the U.S. Current Account Deficit?

Globalization, Gluts, Innovation or Irrationality : What Explains the Easy Financing of the U.S. Current Account Deficit? »

Volume/Issue: 2007/160

Series: IMF Working Papers

Author(s): Ravi Balakrishnan , Volodymyr Tulin , and Tamim Bayoumi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2007

DOI: http://dx.doi.org/10.5089/9781451867244.001

ISBN: 9781451867244

Keywords: U.S. Current Account, Financing, Home Bias, Global Savings Glut, Portfolio Balance, ICAPM, ic, bond, bonds, financial innovation

This paper examines the roles of U.S. financial innovation, financial globalization, and the savings glut hypothesis in explaining the rise in U.S. external debt, first in a portfolio balance model, and then empiri...

Trade Liberalization Strategies
			: What Could South Eastern Europe Learn From Cefta and Bfta?

Trade Liberalization Strategies : What Could South Eastern Europe Learn From Cefta and Bfta? »

Volume/Issue: 2003/239

Series: IMF Working Papers

Author(s): Antonis Adam , James McHugh , and Theodora Kosma

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 2003

DOI: http://dx.doi.org/10.5089/9781451875799.001

ISBN: 9781451875799

Keywords: Trade liberalization, gravity models, stability pact, CEFTA, BFTA, trade area, free trade, free trade area, regional trade, portfolio choice

This paper explores the effectiveness of the Central European Free Trade Area (CEFTA) and the Baltic Free Trade Area (BFTA). Estimates from a gravity model and bilateral trade data support the view that both CEFTA...

A Global View of the U.S. Investment Position

A Global View of the U.S. Investment Position »

Volume/Issue: 2005/181

Series: IMF Working Papers

Author(s): Andrew Swiston

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2005

DOI: http://dx.doi.org/10.5089/9781451862003.001

ISBN: 9781451862003

Keywords: Home bias, international investment, foreign assets, industrial countries, financial markets, foreign investors, International Lending and Debt Problems, Financial Aspects of Economic Integration,

This paper analyzes various indicators of the U.S. international investment position from a portfolio perspective. The 1990s saw a decline in home bias, which, coupled with rapid financial deepening, led to a large...

Asian Financial Integration
			: Trends and Interruptions

Asian Financial Integration : Trends and Interruptions »

Volume/Issue: 2011/4

Series: IMF Working Papers

Author(s): Eduardo Borensztein , and Prakash Loungani

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 2011

DOI: http://dx.doi.org/10.5089/9781455211821.001

ISBN: 9781455211821

Keywords: equity premium, gravity model, home bias, risk-sharing, herding, investors, bond, foreign investors, bonds, international investors

The paper compares trends in financial integration within Asia with those in industrialized countries and other regional groups. Declines in cross-country dispersion in equity returns and interest rates suggest inc...