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Journal articles on the topic 'Foreign government bonds'

Author: Grafiati

Published: 28 May 2022

Last updated: 30 July 2025

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1

Liu, Kerry. "The Chinese Government Bond Markets: Foreign Investments and Market Efficiency." Global Journal of Emerging Market Economies 14, no. 1 (2022): 93–104. http://dx.doi.org/10.1177/09749101211070954.

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The Chinese bond market is the world’s second largest, with government bonds accounting for the majority of the market. The Chinese government has been gradually opening up its bond markets to foreign investors since 2015. However, studies on the Chinese bond markets are very few. Based on data of most frequently traded government bonds in 2015 and 2019, statistical tests including Ken-tau tests and variance ratio tests show that while Chinese government bond markets were generally not efficient in 2015, the efficiency has significantly improved in 2019. The change of market efficiency is like

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2

Shandietrysno, Adrianus Jeffri, Zahry Vandawati Chumaida, and Bambang Sugeng Ariadi Subagyono. "Legal Protection For Investors of Government Bonds Whose Clauses Do Not Have A Maturity Period." Nagari Law Review 7, no. 1 (2023): 14. http://dx.doi.org/10.25077/nalrev.v.7.i.1.p.14-28.2023.

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The state in running its government needs funds with the aim of national development and maintaining the stability of the country's economy. One of the funds obtained is through debt instruments, both domestic debt and foreign debt. The government avoids foreign debt, thus optimizing domestic debt with consideration so that the public can participate in raising funds for national development. With this goal, the government issued government bonds or better known as Government Bonds (SUN). Government Bonds are securities in the form of debt recognition letters in rupiah and foreign currencies g

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3

Sihombing, Pardomuan, Edi Santoso, and Dini Hariyanti. "Macroeconomic Variables Effect on 10-Year Tenor Government Bonds Yield." Research of Economics and Business 1, no. 2 (2023): 57–67. http://dx.doi.org/10.58777/reb.v1i2.83.

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This study aims to analyze the effect of macroeconomic conditions on the yield of 10-year government bonds. The macroeconomic indicators studied were the consumer price index, BI 7 days reverse repo rate, foreign exchange reserves, Indo CDS 5 years, and the Government Budget Deficit from January 2009 to December 2019. This research uses the Vector Error Correction Model (VECM) method because there is cointegration between variables, indicated by Trace Statistics and Max-Eigenvalue statistics, which are greater than Critical Value. The analysis results show that the Consumer Price Index (CPI) a

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Khurshid, Mirakhmedov. "EXPERIENCE OF GOVERNMENT DEBT MANAGEMENT IN DEVELOPED FOREIGN COUNTRIES." Innovations in economy 5, no. 5 (2022): 5. https://doi.org/10.5281/zenodo.7220024.

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This scientific article introduces the best foreign practice of public budget management. The factors that stimulate the growth of external public debt and their analysis are also considered separately. Using the materials of statistical data, the growth trend of the gross public debt of the countries of the world is analyzed.

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Maharani, Devi Widhia, and Emy Widyastuti. "CONTRIBUTION OF FOREIGN DEBT, SUKUK, AND BONDS IN INDONESIA'S ECONOMIC GROWTH." Jurnal Ekonomi dan Bisnis Airlangga 34, no. 1 (2024): 64–76. http://dx.doi.org/10.20473/jeba.v34i12024.64-76.

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Introduction: Indonesia's economic growth experiences unstable conditions from year to year, The study explores their impact on Indonesia's inability to overcome government spending problems by comparing three alternative sources of Indonesian state income to support economic growth, namely foreign debt, Sukuk, and bonds. Methods: The research uses a quantitative approach derived from secondary data in the form of time series data. Foreign debt has a negative effect on Indonesia's economic growth, while sukuk and bonds have a positive effect on Indonesia's economic growth. Results: The simulta

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Fatmawatie, Naning, Endri Endri, and Destyanah Husein. "Macroeconomic factors and government bond yield in Indonesia." Public and Municipal Finance 13, no. 1 (2024): 95–105. http://dx.doi.org/10.21511/pmf.13(1).2024.08.

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The issuance of bonds by the government attracts the interest of many investors, including foreigners. The government must understand the factors determining bond yields for managing government debt. This study aims to investigate the effect of domestic and global macroeconomic variables on government bond yields in Indonesia. The paper uses monthly data from November 2014 to December 2022. The research sample comprises government bonds with 5, 10, and 15-year tenor bonds. The GARCH (1,1) and GARCH-M (1,1) models are applied to estimate and analyze the determinants of government bond yields. R

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Husein, Destyanah, and Endri Endri. "Determinants of Indonesia Government Bonds Yield Period 2019-2022." Devotion : Journal of Research and Community Service 5, no. 1 (2024): 67–74. http://dx.doi.org/10.59188/devotion.v5i1.660.

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This research seeks to examine how the yields of Indonesian government bonds are influenced by various factors, including the BI interest rate, inflation, foreign exchange reserves, IHSG, and exchange rates. The investigation utilizes monthly time series data spanning from 2019 to 2022, focusing on the benchmark series of 10-year SUN. Data analysis is carried out using Eviews 13, and the GARCH-M (1,1) analytical method is employed. The research findings reveal that the BI interest rate has a notably positive and significant effect on bond yields. In contrast, inflation does not exhibit a signi

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Ikezam, Nwonodi Daniel. "Foreign Portfolio Investment and Performance of the Nigerian Capital Market." Australian Finance & Banking Review 2, no. 1 (2018): 11–25. http://dx.doi.org/10.46281/afbr.v2i1.76.

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This study examined the effect of foreign portfolio investment on the performance of Nigerian capital market. The specific objectives are to investigate the impact of Net Foreign Portfolio Investment, Foreign Portfolio Investment in Equity, Foreign Portfolio Investment in Bonds, Foreign Portfolio in Government Securities and Nigerian Exchange Rate per US Dollar on the performance of Nigerian Capital Market. The required data were sourced from Central Bank of Nigeria (CBN) Statistical Bulletin and Stock Exchange Annual Report. The study has All Share Price Index and Market Capitalization as pro

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Herman, Barry. "Introduction: The Players and the Game of Sovereign Debt." Ethics & International Affairs 21, no. 1 (2007): 5–32. http://dx.doi.org/10.1111/j.1747-7093.2007.00058.x.

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This essay characterizes the main actors and how they operate during a buildup of government foreign debt and after a default on payments. These actors are the borrowing governments, domestic and foreign commercial banks, purchasers of government bonds, other governments lending to the debtor, and multilateral institutions (the International Monetary Fund and development banks). As there is no international sovereign analog to national court-supervised bankruptcy in the case of countries, the workout from crises, mainly hitting poorer economies, occurs without legislated rules or an enforcemen

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Harkavenko, Valentyna, and Galina Yershova. "The influence of government debt policy on the development of Ukraine's economy." Economy and forecasting 2022, no. 1 (2022): 84–101. http://dx.doi.org/10.15407/econforecast2022.01.084.

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The influence of the government's debt policy on the development of Ukraine's economy is analyzed. It is determined that today almost all indicators of debt stability in Ukraine exceed the critical limit, beyond which the state loses the ability to solve debt problems on its own. Thus, during 2014–2021, the domestic public and state-guaranteed debt of Ukraine increased in hryvnia equivalent by 3.9 times and as of the end of 2021 amounted to UAH 1,111.6 billion. The increase in debt was primarily due to direct public debt, which increased 4.1 times during the analyzed period. It is concluded th

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Harkavenko, Valentyna, and Galina Yershova. "THE INFLUENCE OF GOVERNMENT DEBT POLICY ON THE DEVELOPMENT OF UKRAINE'S ECONOMY." Ekonomìka ì prognozuvannâ 2022, no. 1 (2022): 107–23. http://dx.doi.org/10.15407/eip2022.01.107.

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The influence of the government's debt policy on the development of Ukraine's economy is analyzed. It is determined that today almost all indicators of debt stability in Ukraine exceed the critical limit, beyond which the state loses the ability to solve debt problems on its own. Thus, during 2014–2021, the domestic public and state-guaranteed debt of Ukraine increased in hryvnia equivalent by 3.9 times and as of the end of 2021 amounted to UAH 1,111.6 billion. The increase in debt was primarily due to direct public debt, which increased 4.1 times during the analyzed period. It is concluded th

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Rahmatika, Nurlia, and Muhamad Noer Fachmi. "Macro economics: Liquidity, Solvency, and External Factor as Determinant of Government Bond Index Yield (INDOBEXGB) with The Vector Error Correction Model (VECM)." Riset 2, no. 2 (2020): 326–40. http://dx.doi.org/10.35212/riset.v2i2.50.

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The purpose of this research to analysis of several variables such as macroeconomics variables and volatility index to yield on government bond index. The macroeconomic indicators studied are consumer price index, BI rate, money supply, foreign reserve, exchange rate, Indonesia total debt, and external factor volatility index S&P 500. The period of this research was conducted using secondary data from January 2012 until December 2017. This research use Vector Error Correction Model (VECM) method because there is cointegration between variables, indicated by Trace Statistic and Max-Eigenval

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Koijen, Ralph S. J., François Koulischer, Benoît Nguyen, and Motohiro Yogo. "Euro-Area Quantitative Easing and Portfolio Rebalancing." American Economic Review 107, no. 5 (2017): 621–27. http://dx.doi.org/10.1257/aer.p20171037.

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We use new and comprehensive data on the security holdings of euro-area investors to document facts about the ongoing quantitative easing program. The holdings of purchase-eligible government bonds have strong home bias not only for banks but also for insurance companies, pension funds, and mutual funds, especially in the vulnerable countries. In response to the program, foreign investors sold most of the purchase-eligible government bonds. Banks also sold purchase-eligible government bonds to a lesser extent, but insurance companies and pension funds bought them. Thus, quantitative easing may

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Khan, Mostafa Saidur Rahim, Naheed Rabbani, and Yoshihiko Kadoya. "Can Financial Literacy Explain Lack of Investment in Risky Assets in Japan?" Sustainability 13, no. 22 (2021): 12616. http://dx.doi.org/10.3390/su132212616.

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Although household savings in Japan are among the highest in the world, investment in risky assets is still very low. This study examines whether financial literacy explains the lack of investment in risky assets in Japan. We use data from the Preference Parameter Study, a nationwide survey in Japan that has been conducted by Osaka University. We use investment in stocks, investment trusts, futures/options, Japanese government bonds, government bonds of foreign countries, and foreign currency deposits as a proxy for investment in risky assets. Our results show that investment in risky assets i

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Liu, Kerry. "The Effects of Foreign Participation on Chinese Government Bond Yields." Folia Oeconomica Stetinensia 23, no. 2 (2023): 222–40. http://dx.doi.org/10.2478/foli-2023-0028.

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Abstract Research background Since 2015, when China opened up its onshore bond markets more substantially, foreign investors have significantly increased their investments in Chinese local currency bonds. Purpose This study aims to examine the effects of foreign participation on Chinese government bond yields. Research methodology This study adopts a robust least squares model and a cointegration model. Results (Greater) foreign participation can significantly decrease 10-year Chinese government bond yields. Novelty There are almost no studies of the benefits and costs of foreign participation

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Okparaka, V. C., P. A. Abiodun, O.G. Eneh, C. P. Isaac, and C. J. Okafor. "Effect of Liquidity Risk on the Investment of the Nigerian Insurance Industry." International Journal of Advanced Finance and Accounting 3, no. 5 (2022): 41–52. https://doi.org/10.5281/zenodo.7414218.

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<em>This study was on the effect of liquidity risk on the investment of the Nigerian insurance industry. The specific objectives of the study were to examine the effect of liquidity risk on insurance industry investments in federal government securities; and evaluate the effect of liquidity risk on insurance industry investments in stocks and bonds. The research design applied was Ex-post facto design. Hypotheses formulated were tested using the Ordinary Least Squares statistical technique. It was found that liquidity risk did not have a positive and significant effect on insurance industry in

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Chandra, Kristian, Wahyuni Rusliyana Sari, Dwi Yantik Sriwulan, and Muhammad Raditya Adhimukti. "Effect of Yield Spreads (State Bonds) on Economic Growth Performance in Indonesia." Journal of Risk and Financial Management 16, no. 3 (2023): 175. http://dx.doi.org/10.3390/jrfm16030175.

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This research analyzes the effect of the government bond yield curve spread on economic growth performance in Indonesia using the indicators of exchange rate, inflation, BI rate, foreign investment, portfolio investment, current account, and government accounts. Furthermore, it aims to prove the accuracy of the vector autoregression (VAR) or vector autoregression model in predicting economic growth from Q1 2010 to Q3 2020. The results showed that the yield curve spread has a significant effect on economic growth. Meanwhile, the exchange rate, inflation, and the BI rate have a negative effect o

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18

Samsudin, Idris, Pardomuan Sihombing, and Yohanis Hans Kwee. "Determinants of the Developed Country Index and Indonesian Macroeconomic on the IDX Growth 30 and IDX Value 30." Research of Economics and Business 2, no. 2 (2024): 78–93. http://dx.doi.org/10.58777/reb.v2i2.209.

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This study analyzes the determinants of the Developed Country Index (Hang Seng Index, Dow Jones Index) and Indonesian macroeconomic variables (10-Year Government Bond Yield, Foreign Ownership in Government Bonds, and the BI-7 Day Reverse Repo Rate, BI7DRR) on the movement of the IDX Growth 30 Index (IDXG30) and IDX Value 30 Index (IDXV30) from 2018–2022. Monthly time series data is used with a saturated sampling technique, processed via Eviews 12 using VECM analysis. The study conducts Stationarity, Optimal Lag, VAR Stability, and Cointegration Tests, along with Impulse Response Function (IRF)

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19

Martin, Kilombe Muti, and Gordon Opuodho Dr. "Macroeconomic Variables and Government Bond Yields Listed on the Nairobi Securities Exchange." Macroeconomic Variables and Government Bond Yields Listed on the Nairobi Securities Exchange 8, no. 10 (2023): 6. https://doi.org/10.5281/zenodo.10077338.

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The main objective of the study was to determine the relationship between macroeconomic variables and government bond yields listed on the Nairobi Securities Exchange (NSE). The specific objectives were to investigate the impact of the inflation rate, economic growth rate, foreign direct investment (FDI), and exchange rate on government bond yields listed on the Nairobi Securities Exchange (NSE). The study adopted a quantitative research design and utilized secondary data on nineteen,15-year Kenyan government bonds listed on the NSE from the 1st quarter of 2007 to the 1st quarter of 2023, that

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Wolswijk, Guido, and Jakob de Haan. "Government Debt Management in Europe: Recent Changes in Debt Managers’ Strategies." Public Finance and Management 6, no. 2 (2006): 244–77. http://dx.doi.org/10.1177/152397210600600205.

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This paper presents a survey of changes in the strategies of government debt managers in European countries. These changes were introduced in response to alterations in the working environment of debt managers, like the introduction of the euro, declining government debt ratios, the introduction of electronic trading systems, and the changed institutional position of debt managers. An important recent feature of debt management strategies in the euro area is the convergence of practices. There is a clear tendency to issue ‘plain vanilla’ bonds, while there is less emphasis on issuing foreign c

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Varirahartia, Ditha, and Bambang Santoso Marsoem. "Effect of Bonds Maturity Date, Interest Rates, Inflation, Exchange Rates and Foreign Exchange Reserves on Yield To Maturity of Government Bonds 2014-2020." Jurnal Health Sains 3, no. 2 (2022): 373–87. http://dx.doi.org/10.46799/jsa.v3i2.398.

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This study aims to analyze the effect of maturity date, interest rate, exchange rate, inflation and foreign exchange reserves on the yield to maturity of Indonesian government bonds for the period 2014-2020. The analysis is using panel data analysis. The results showed that the maturity level of bonds (X1), interest rates (X2), had a positive and statistically significant effect on yield to maturity. The inflation (X3) and has a negative and significant effect, while the exchange rate (X4) has no significant effect but has a positive relationship. Foreign exchange reserves (X5) have a negative

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Chronopoulos, Dimitris K., George Dotsis, and Nikolaos T. Milonas. "International Evidence on the Determinants of Domestic Sovereign Debt Bank Holdings." Journal of Financial Services Research 58, no. 2-3 (2019): 143–60. http://dx.doi.org/10.1007/s10693-019-00326-4.

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Abstract In this paper, we examine the determinants of bank holdings of domestic sovereign debt with a panel dataset of 295 banks in 35 countries between 2002 and 2013. The findings indicate that the structure of bank ownership (domestic, foreign, or government ownership), the quality of governance, and the level of financial development of the countries in which banks operate all determine the level of home bias. Specifically, we find that domestic banks tend to hold more domestic sovereign debt relative to their foreign counterparts. We also provide evidence that home bias is even stronger w

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Alekseeva, Irina, and Irina Petrova. "Evolution and Prospects of the Federal Loan Bonds Market Development." Bulletin of Baikal State University 28, no. 4 (2018): 640–49. http://dx.doi.org/10.17150/2500-2759.2018.28(4).640-649.

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The government securities market is the most crucial element of the financial market in any country that plays an important role in funding of public expenditures and development of the national economy. At present, government securities make up more than 70 % of the internal public debt of the Russian Federation and more than 90 % of the public debt in bonds are federal bonds. Changes in the market of federal loan bonds that took place in 2011-2017 are described in the paper. Trend data characterizing the market and where it belongs to in the structure of the internal public debt of the Russi

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Leshchuk, Kostiantyn B. "Impact of the Government Debt Securities Market on the Loan Capital Market and the Primary Securities Issuance Market." Business Inform 4, no. 567 (2025): 428. https://doi.org/10.32983/2222-4459-2025-4-428-435.

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The article is dedicated to the study of the role of domestic government bonds in the loan capital market and the primary securities market. Significant volumes of the government budget deficit necessitate its financing through the mechanism of government bonds (OVDP), which currently serves as the main source of funds. It is found that the major volume of OVDP is issued in national currency. The proportion of OVDP denominated in foreign currency fluctuated between 10.2% and 28.1% during the years 2021–2024. The majority of OVDP is owned by State-involved banks. Their share as of December 1, 2

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Su, Chi-Wei, Xu-Yu Cai, and Ran Tao. "Can Stock Investor Sentiment Be Contagious in China?" Sustainability 12, no. 4 (2020): 1571. http://dx.doi.org/10.3390/su12041571.

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This paper explores the impact of investor sentiment on financial markets in China by taking the quantile causality test. We find that government bond markets, gold markets, and foreign exchange markets are affected by stock investor sentiment, except for in the corporate bond market. In extreme situations, such as excessively optimistic or pessimistic sentiment, these markets will become more vulnerable to suffering from drastic fluctuations. On the contrary, the market return in government bonds, corporate bonds, and foreign exchange also has an influence on stock investor sentiment. Moreove

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Claessens, Stijn, Daniela Klingebiel, and Sergio L. Schmukler. "Government Bonds in Domestic and Foreign Currency: the Role of Institutional and Macroeconomic Factors." Review of International Economics 15, no. 2 (2007): 370–413. http://dx.doi.org/10.1111/j.1467-9396.2007.00682.x.

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Amaliah, Ima, and Tasya Aspiranti. "State Sukuk Potential in Reducing Indonesia Budget Deficit, 2009-2015." Journal of Economics, Business & Accountancy Ventura 20, no. 1 (2017): 21. http://dx.doi.org/10.14414/jebav.v20i1.781.

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The purpose of this study is to identify potential retail state sukuk as part of state bonds that are used to replace foreign debt and lower the government's budget deficit. This study is important because the government's budget deficit continues to rise each year due to the increase of foreign debt. The increase in the debt itself is closely related to exchange rate fluctuations. Therefore, it is important for the government to develop a relatively secure funding in facing exchange rate fluctuations as well as parts of interest rate. The government has developed state securities based on sha

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Dudzich, Viktar. "Relationships between exchange rate regime, real exchange rate volatility and currency structure of government bonds in emerging markets." Review of Economic Perspectives 20, no. 1 (2020): 3–22. http://dx.doi.org/10.2478/revecp-2020-0001.

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AbstractPublic foreign currency borrowing is a common problem of emerging markets. Scholars named it the original sin of foreign debt. It has a proven negative influence on economic growth and development, undermining financial stability, and increasing the probability of monetary crises. The roots of the original sin often lay in emerging markets’ institutional underdevelopment, with low-quality monetary policy, inappropriate exchange rate regime choice, and exchange rate mismanagement being stated among the most important causes. This paper evaluates the influence of the exchange rate policy

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Khatimah, Husnul. "Sukuk Dan Kontribusinya Dalam Pembiayaan Pembangunan." Optimal: Jurnal Ekonomi dan Kewirausahaan 11, no. 1 (2017): 83–103. http://dx.doi.org/10.33558/optimal.v11i1.211.

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This study analyzes the role of sukuk in national economic development. During this time the source of development financing consists of several kinds including taxes, bonds, foreign debt and Islamic bonds (sukuk). Sukuk has been developed in Indonesia since 2002 (published Indosat) and is still growing and the number of issuers are even greater. The research method using descriptive quantitative, data source in this research is secondary data obtained, balance of payments in the government, the state budget. This study uses a quantitative descriptive approach. Data were processed using matrix

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Cheng, Chunyang. "A Study on the Financing Effect of U.S. Debt from the Perspective of Modern Monetary Theory-Also on the Innovation Driving Effect of Monetary Sovereignty." E3S Web of Conferences 275 (2021): 03030. http://dx.doi.org/10.1051/e3sconf/202127503030.

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The traditional view is that China uses the foreign exchange income earned from the trade surplus to purchase U.S. treasury bonds, which provides financing for U.S. government expenditures and maintains the sustainability of U.S. public debt. Based on the modern monetary theory, this paper analyzes this phenomenon and believes that China’s trade surplus cannot finance US government expenditures. U.S. debt issuance can exert interest rate stabilization effect, exchange rate stabilization effect, currency issuance effect and innovation “crowding-out” effect, but it has no financing effect. There

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Beny, Dwi Wicaksono, and Dewi Syarif Andam. "The Influence of Inflation, Exchange Rate and Foreign Exchange Reserves on Indonesian Government Bond Yield with the Bank Indonesia Rate as Moderation." Journal of Economics, Finance and Management Studies 05, no. 12 (2022): 3868–76. https://doi.org/10.5281/zenodo.7471528.

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The purpose of this study was to analyze and examine the effect of inflation, exchange rates, foreign exchange reserves on the yield to maturity (YTM) of fixed rate series bonds denominated in rupiah with a tenor of 10 years during the period 2015 - 2021. The statistical analysis method used in the preparation of this research is quantitative with descriptive explanations. Data collection techniques were obtained from secondary data through library research. Secondary data obtained through the internet sites of Bank Indonesia, Central Statistics Agency, Ministry of Finance, and Bloomberg in th

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Moro, Zahra, and Oscar Agyemang Opoku. "Evaluation of The Determinants of Domestic Bonds in Ghana." iRASD Journal of Management 4, no. 4 (2022): 567–82. http://dx.doi.org/10.52131/jom.2022.0404.0099.

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The study sought to examine the determinants domestic bonds in Ghana using secondary data. The researcher used the Government of Ghana bonds issued in 2013 to 2017 and has not matured by 31st December 2019. A sample of 6 Government of Ghana bonds which have been on the secondary market for at least two years with a tenor of at least three years was used by the researcher. Based on the stationary and the existence on cointegration vectors, the study investigated long and short run effects using ARDL (1,0,1,1,1,1) and ARDL (1,2,2,2,2,2) Error Correction Models respectively. The E-Views version 1

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Das, Aditi. "Impact of Indias Current Account Deficit and National Debt on Its Foreign Exchange Rate (vs. Us$): A Study of India from 1990-2018." International Journal for Research in Applied Science and Engineering Technology 10, no. 7 (2022): 1657–68. http://dx.doi.org/10.22214/ijraset.2022.45534.

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Abstract: The Current Account Deficit and National Debt of a country are two major factors that can impact the foreign exchange rates it has with the currencies of other nations. This study empirically analyses the impact of India’s Current Account Deficit (in million USD) and National Debt (in million USD) on the nation’s Foreign Exchange Rate (vs.US$). The Current Account is the balance of trade between a country and its trading partners, reflecting all payments between countries for goods, services, interest, and dividends. A deficit in the current account shows that the value of the goods

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Prasetyo, Ahmad Danu. "Foreign portfolio investment performance and investor's trading patterns: empirical study in Indonesian government bonds market." International Journal of Economic Policy in Emerging Economies 6, no. 3 (2013): 254. http://dx.doi.org/10.1504/ijepee.2013.056933.

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Eymael, Pedro. "Divestment Movements over Environmental Issues: The Brazilian Amazon Case." American Journal of Undergraduate Research 20, no. 1 (2023): 3–25. http://dx.doi.org/10.33697/ajur.2023.076.

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Devastating forest fires in Brazil’s Amazon rainforest, one of the most important biomes for Earth’s climate balance, have captured the world’s attention in 2019 and 2020. Foreign governments, non-governmental organizations, and institutional investors pressured Brazilian President Jair Bolsonaro to act and control the situation. Within this context, institutional investors threatened to divest from companies potentially linked to the wildfires and to sell government bonds, creating a divestment movement. Against this background, this article shows that Bolsonaro’s responses varied for each of

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Marhasova, Viktoriya, and Maksym Zabashtanskyi. "THE GOVERNMENT DEBT SECURITIES MARKET AS A MECHANISM OF BUDGET DEFICIT FINANCING." Scientific bulletin of Polissia, no. 1(26) (2023): 141–53. http://dx.doi.org/10.25140/2410-9576-2023-1(26)-141-153.

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The military invasion of Russia on the territory of Ukraine caused a number of negative con-sequences for the economy. The state of Ukraine's economy has a direct impact on the balance of the state budget. Today, this is reflected in the growing budget deficit. The shortage of financial resources of the state became the reason for the search for potential on the domestic and foreign markets. The securities market is a platform for the formation and distribution of loan capital in any country. At the same time, a separate segment is formed that serves the state and attracts financial resources.

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Maggiori, Matteo, Brent Neiman, and Jesse Schreger. "The Rise of the Dollar and Fall of the Euro as International Currencies." AEA Papers and Proceedings 109 (May 1, 2019): 521–26. http://dx.doi.org/10.1257/pandp.20191007.

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International currencies play important roles as foreign exchange reserves but are also most frequently used to denominate corporate and government bonds, bank loans, and import and export invoices. These currencies offer unrivaled liquidity, constituting large shares of the volume on global foreign exchange markets, and are commonly chosen as the anchors targeted by countries with pegged or managed exchange rate regimes. We provide evidence suggesting a recent rise in the use of the dollar, and fall of the use of the euro, with similar patterns manifesting across all these aspects of internat

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Budiawan Tjandrasa, Benny, Hotlan Siagian, and Ferry Jie. "The macroeconomic factors affecting government bond yield in Indonesia, Malaysia, Thailand, and the Philippines." Investment Management and Financial Innovations 17, no. 3 (2020): 111–21. http://dx.doi.org/10.21511/imfi.17(3).2020.09.

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The government bond (GB) has become the most attractive investment portfolio option, even though many macroeconomic factors affect the bond yield. This paper aims to investigate the determining factor of local currency government bond yield by considering the inflation rate, credit default swap, stock market index, exchange rate, and volatility index. This study used 240 data panel from the Bloomberg stock market in the form of data panel covering Southeast developing countries, namely Indonesia, Thailand, Malaysia, and the Philippines, for five years or sixty months from January 2015 to Decem

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Aguiar, Mark, and Manuel Amador. "Self-Fulfilling Debt Dilution: Maturity and Multiplicity in Debt Models." American Economic Review 110, no. 9 (2020): 2783–818. http://dx.doi.org/10.1257/aer.20180831.

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We establish that creditor beliefs regarding future borrowing can be self-fulfilling, leading to multiple equilibria with markedly different debt accumulation patterns. We characterize such indeterminacy in the Eaton-Gersovitz sovereign debt model augmented with long maturity bonds. Two necessary conditions for the multiplicity are (i) the government is more impatient than foreign creditors, and (ii) there are deadweight losses from default. The multiplicity is dynamic and stems from the self-fulfilling beliefs of how future creditors will price bonds; long maturity bonds are therefore a cruci

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Ongena, Steven, Alexander Popov, and Neeltje Van Horen. "The Invisible Hand of the Government: Moral Suasion during the European Sovereign Debt Crisis." American Economic Journal: Macroeconomics 11, no. 4 (2019): 346–79. http://dx.doi.org/10.1257/mac.20160377.

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Using proprietary data on banks’ monthly securities holdings, we show that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic sovereign bonds during months when the government needed to roll over a relatively large amount of maturing debt. This result cannot be explained by risk shifting, carry trading, or regulatory compliance. Domestic banks that received government support, are small, or with weaker balance sheets were particularly susceptible to “moral suasion,” whi

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Gősi, János. "Gazdasági és politikai elemek a II. Orbán-kormány gazdaságpolitikájában." Jelenkori Társadalmi és Gazdasági Folyamatok 6, no. 1-2 (2011): 24–27. http://dx.doi.org/10.14232/jtgf.2011.1-2.24-27.

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The economical and political elements of the economic policy of II. Orbán-governmentTaxes crisis: banking, commerce, etc.. The flat-rate personal income tax Compulsory membership of private pension funds nationalization of assetsThe retail price for repayment of residential foreign currency loans recorded a large loss for the banks II. Orbán government's economic policy for international confidence decreased. The hungarian government bonds and interest rates in November 2011 increased to 8.5% This category is higher than the trumpery of Romania To establish the permanent development it is nece

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MODIBBO, ABUBAKAR. "Budget Management Strategies for Growing Nigeria Out of Debt: An Evaluation of the Rising Debt Profile." Asian Journal of Economics, Business and Accounting 25, no. 6 (2025): 168–78. https://doi.org/10.9734/ajeba/2025/v25i61843.

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Nigeria has been struggling to get out of its debt burden since the beginning of the new millennium using different budget management strategies. However, a deficit budget has been recurring with a huge debt liability to the government, which reduces the stock of reserves of the government significantly. The rising debt liability has constrained the structural transformation and development in Nigeria. Although this issue has received attention from some researchers, no effort was made to investigate the budget management strategies in the context of rising debt profile to shift the paradigm f

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Reva Rahayu, Nurlailiyah Aidatussholihah, and Fikry Ramadhan Suhendar. "ISLAMIC CAPITAL MARKET IN INDONESIA AS A DRIVER OF INVESTMENT." Iqtishaduna : International Conference Proceeding 1 (January 7, 2025): 370–74. https://doi.org/10.54783/4258qp84.

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This study aims to examine the Indonesian capital market as a key driver of investment. The capital market serves as a platform for the trading of various financial instruments, such as stocks and bonds, which enables companies and the government to obtain funds from investors to support economic growth and development. The research employs a qualitative method. Data sources include documents related to the research as well as literature reviews and journal articles. The type of data used is derived from documents and journal articles relevant to the research. Data collection techniques involv

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Malope, Shirley, Thobeka Ncanywa, and Tony Matlasedi. "The influence of financial market development on investment activities in a developing country." Risk Governance and Control: Financial Markets and Institutions 7, no. 4 (2017): 41–50. http://dx.doi.org/10.22495/rgc7i4art5.

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Financial markets are considered developed if there is improvement in the size, activity, efficiency and stability of the financial system. The study looked at how financial development based on debt, stock, money and foreign markets affect investment. The Johansen cointegration and Vector Error Correction Model (VECM) were used to estimate the short and long run relationship and test for the speed of adjustment. Granger causality test informed about direction of causality, variance decompositions and impulse response indicated effects of shocks. The Johansen cointegration test showed that the

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Samokhovets, Maryia, Tatyana Dyak, and Natalya Glazkova. "External Borrowings of the Republic of Belarus: Current State and Prospects." Regionalnaya ekonomika. Yug Rossii, no. 2 (August 2019): 27–34. http://dx.doi.org/10.15688/re.volsu.2019.2.3.

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The article provides the analysis of the current state of external borrowings of the Republic of Belarus and offers the perspective measures of their development. The paper studies quantitative and qualitative parameters of the external public debt of the Republic of Belarus in dynamics, including the structure according to the types of debt obligations and main creditors. During the conducted research the authors established that the external public debt of the Republic of Belarus is characterized by an upward trend. The paper concludes that the role of external sources of public debt financi

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Jang, Jae Young, and Erdal Atukeren. "Sustainable Local Currency Debt: An Analysis of Foreigners’ Korea Treasury Bonds Investments Using a LA-VARX Model." Sustainability 11, no. 13 (2019): 3603. http://dx.doi.org/10.3390/su11133603.

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Foreign investors’ interest in Korean local currency bonds, and especially in Korea Treasury Bonds (KTBs) has increased significantly since the mid-2000s. This paper examines the determinants of foreign investors’ KTB investments by means of a lag-augmented vector autoregressive model with exogenous variables (LA-VARX). The model specification includes variables capturing the domestic, international, and risk factors. The risk factors are especially important in the context of South Korea since geopolitical tensions and economic policy uncertainty might adversely affect all investment decision

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Xin, Tianxiao. "The Impact of Monetary and Fiscal Policies on Financial Markets: Policy Miscalculations and Financial Market Turmoil." Advances in Economics, Management and Political Sciences 180, no. 1 (2025): 203–10. https://doi.org/10.54254/2754-1169/2025.23265.

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This paper research how macroeconomic policy effects financial markets by case analysis of the Federal Reserves quantitative easing tightening policy and the United Kingdom governments Mini-budget policy. This presents a qualitative analysis of how specific policies in two cases affect different financial markets. In analyzing the first case, the discussion primarily centered on the adverse effects of a contraction in money supply and rising interest rates on the stock market, bond market, futures market, and credit market. In the second case, policies such as tax reductions and increased issu

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Robin, Diah Putri Febiana Sari, and Kharis Fadhullah Hana. "Peran Sukuk Terhadap Pembangunan Infrastruktur." Al-Mutharahah: Jurnal Penelitian dan Kajian Sosial Keagamaan 17, no. 1 (2020): 87–103. http://dx.doi.org/10.46781/al-mutharahah.v17i1.79.

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Infrastructure development with Sukuk is currently developing rapidly. Sukuk are bonds based on Islamic principles. Sukuk have lower refund rates compared to interest-based bonds. This study aims to explain the role of Sukuk in infrastructure development in Indonesia. This research uses qualitative methods that are analyzed descriptively. With secondary data derived from the literature review in the form of the results of previous studies, documents from valid institutions or institutions, news, and other supporting sources. The results show that Sukuk is an important financial instrument appl

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Shin, Dong-Jun, and Eui-Hwan Park. "A Study on Determinants of Foreign Investments in Korea Government Bonds and Effects on Korea Financial Variables." Korean Corporation Management Review 25, no. 4 (2018): 21–43. http://dx.doi.org/10.21052/kcmr.2018.25.4.02.

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Khan, Mostafa Saidur Rahim, Naheed Rabbani, and Yoshihiko Kadoya. "Is Financial Literacy Associated with Investment in Financial Markets in the United States?" Sustainability 12, no. 18 (2020): 7370. http://dx.doi.org/10.3390/su12187370.

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Lack of investment in financial markets is one of the enduring puzzles in empirical finance. Although recent studies ascribe the lack of investment in stocks to financial literacy, the association between financial literacy and investment in financial markets remains inconclusive. We examine whether financial literacy is associated with investment in financial markets in the United States. We use investment in stocks, futures/options, investment trusts, corporate bonds, foreign currency deposits, and government bonds of foreign currency as a proxy for investment in financial markets. Using dat

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