In contrast to some recent research, this paper finds that institutional and macroeconomic factors are related to the depth and currency composition of government bond markets. Using panel data for developed and emerging economies, we find several factors to be systematically associated with bond markets. Aside from economic size (already shown to affect the currency composition), this paper shows that investor bases matter. Economies with deeper...
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2007/04/26
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Artigo de revista
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82872
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1
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1
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2011/04/26
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Disclosed
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Government bonds in domestic and foreign currency : the role of institutional and macroeconomic factors
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foreign currency
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