Do Local Currency Bond Markets Enhance Financial Stability?
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This publication analyzes the financial vulnerability of developing countries during the global financial crisis and taper tantrum. It finds that currency depreciation, as a measure of financial vulnerability, was more limited in countries with faster growing local currency bond markets.
- Recent Developments in Asia's Local Currency Bond Markets
- Empirical Framework
- Empirical Findings
Park, Donghyun, Kwanho Shin, and Shu Tian. 2021. "Do Local Currency Bond Markets Enhance Financial Stability? Some Empirical Evidence." Emerging Markets Finance and Trade 57 (2): 562–90. https://doi.org/10.1080/1540496X.2019.1696190.