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GLOBAL BOND MARKETS: DETERMINANTS OF GOVERNMENT BORROWING COSTS FOR DEVELOPED AND EMERGING MARKETS
Hasan Baklaci,Peggy E Swanson People&Global Business Association 2004 Global Business and Finance Review Vol.9 No.2
This study examines the determinants of government borrowing costs by investigating whether government bond yields in developed and in emerging markets are driven by domestic factors, global factors, or both. The study's contributions include: (1) a new methodology to determine the relative dominance of domestic and global factors, (2) inclusion of new variables which are significant determinants of yields, and (3) analysis of commonalities and differences within and between developed and emerging markets. The findings indicate that domestic factors are dominant in the Eastern European countries, global factors are dominant in the Western European countries, and domestic and global factors are roughly equivalent in the Asian countries.