最新财经资讯-143.DOC

最 新 财 经 资 讯第期 国际司 2014-3-7 目 录 极端天气为应对气候变化行动带来一线生机 欧洲 欧央行采取更大胆措施应对低通胀 亚太 缅甸应对本地中小企业松绑 悉尼“亚太证交所”投入交易 中国大陆资金紧张局面蔓延至台湾 IMF unveils investors behind emerging market debt boom Reuters|7 March, 2014 Big institutional investors account for 80 percent of the half a trillion dollars foreigners have plowed into emerging market sovereign debt in the last few years, according to an analysis by International Monetary Fund economists. Investors such as hedge funds and sovereign wealth funds held $768 billion in emerging market government bonds as of June 2013, the paper showed. Foreign central banks held at least $40 billion more. The makeup of a countrys investor base is important in gauging whether investors will stick around when times get tough or run for the exit, pushing bond yields up and currencies down. Central banks and pension funds are seen as stable investors, while hedge funds can be changeable. The paper found about half the foreign holdings of emerging market debt, worth nearly $500 billion, were accumulated during the three years from 2010, as emerging markets rebounded from the financial crisis more quickly than developed countries. Many also regained investment-grade credit ratings, such as Colombia and Indonesia, burnishing their appeal in the eyes of yield-hungry investors flush with cheap cash. Rising foreign participation in government debt markets can help reduce borrowing costs and spread risks more broadly among investors, but it can also raise external funding risks for countries, authors Serkan Arslanalp and Takahiro Tsuda wrote in a blog post. (IMF data: /jyj47v) The more you know your investors, the better you understand the potential risks and how to deal with them. Data prepared for the paper, Tracking Global Demand for Emerging Market Sovereign Debt, shows institutional investors held relatively steady during the second quarter of 2013, when jitters about the U.S. Federal Reserve starting to unwind stimulus hit