bond-level. First, cross-sectional analysis reveals a strong preference for home (Euro) currency bonds. Second, panel … regressions, whether at the bond or aggregate flows level, consistently identify trade-weighted US dollar fluctuations as the most …

The paper investigates the international integration of EM sovereign dollar-denominatedand local-currency bond markets …. Factor analysis is used to examine movements insovereign bond yields and common sources of yield variation. The results … local currency bond markets are notas internationally integrated, and three common factors explain about 74 percent of …

to the relative size of the countries' GDP. We conclude that the continuation of the fast growth rate of China, while …

to the relative size of the countries’ GDP. We conclude that the continuation of the fast growth rate of China, while …

We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond … foreign investors, China has recently allowed major increases in foreign investment in its domestic bond market. China … market and propose a dynamic reputation model to understand China's internationalization strategy. While previously closed to …