Pension funds and domestic bond markets in emerging economies
Churchill, Jennifer; Bonizzi, Bruno; Kaltenbrunner, Annina
The East Asian Financial Crisis forced the international policy community to take the risks of financial liberalisation in emerging economies (EE) seriously. Currency and maturity “mismatches” were seen to have introduced grave fragility to the balance sheets of banks and firms, opening the way for a currency crisis to induce a financial and economic event of regional proportions (Corsetti, Pesenti and Roubini, 1999; Sharma, 2003). This chapter focuses on two contemporary interrelated policy debates that emerged from these experiences: first, the need to create local currency domestic bond markets (LCBM), and second, the need for institutional investors, including private pension funds, to form the dependable, patient demand within them.
Churchill, J., Bonizzi, B., & Kaltenbrunner, A. (2021). Pension funds and domestic bond markets in emerging economies. In Capital Movements and Corporate Dominance in Latin America (264). Cheltenham, UK; Northampton, MA, USA: Edward Elgar. https://doi.org/10.4337/9781800372146
|Acceptance Date||Jan 11, 2021|
|Publication Date||Jun 8, 2021|
|Deposit Date||Jun 2, 2021|
|Publicly Available Date||Jun 9, 2022|
|Series Title||New Directions in Post-Keynesian Economics|
|Book Title||Capital Movements and Corporate Dominance in Latin America|
|Keywords||pensions; bond markets; capital flows; emerging markets|
This file is under embargo until Jun 9, 2022 due to copyright reasons.
Contact Jennifer.Churchill@uwe.ac.uk to request a copy for personal use.
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