Emerging Local Currency Bond Markets

John D. Burger · Francis E. Warnock · Veronica Cacdac Warnock

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Credit Risk and Financial Regulations Global Financial Crisis and Policies Finance, Markets, and Regulation

Abstract

In this article, the authors assess local currency bond markets in emerging market economies (EMEs). Supported by policies and laws that helped improve macroeconomic stability and creditor rights, local currency EME bond markets have grown substantially over the past decade and have provided USD-based investors with attractive returns. U.S. investors have responded by sharply increasing their holdings of EME local currency bonds, especially in EMEs with investor-friendly institutions and policies.

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References

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