securities, with emphasis on Japan and developing Asia. We find that foreign residents generally increased their holdings of …

the Eurozone economies, the US, and developing Asia showing relatively weak home bias and advanced Asia, especially Japan … capital has been flowing from the US and the Eurozone economies to both advanced Asia (especially Japan) and developing Asia … and that foreign holdings of debt securities have been increasing in advanced as well as developing Asia but for different …

We develop a conditional factor model for the term structure of treasury bonds, which unifies non parametric curve … principles. Empirically, we show that four factors explain the discount bond excess return curve and term structure premium. Cash … flows are covariances, as cash flows of coupon bonds fully explain the factor exposure. The term structure premium depends …

bonds. Three different yield curve models and three different strategies have been tested. We show that combining the …