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Offshore EME bond issuance and the transmission channels of global liquidity

date Date: September 30, 2015
date Author(s): Soyoung Kim, Hyun Song Shin
date Affiliation: Seoul National University - Bank for International Settlements
Abstract

We use panel VAR methods to gauge the impact of global liqudity on emerging markets.We find that the channel of global liqudity transmission has changed from onshore issuance of international debt securities to offshore issuance of international debt securities; offshore issuance plays an important role after 2010. We also find that global liqudity shocks have positive effects on real GDP and net issuance of international debt securities of receipient economies but negative effects on sovereign bond yield of receipient economies.


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