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Tigran Poghosyan - One of the best experts on this subject based on the ideXlab platform.
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Foreign Investor flows and sovereign bond yields in advanced economies
Journal of Banking and Financial Economics, 2016Co-Authors: Serkan Arslanalp, Tigran PoghosyanAbstract:Asset allocation decisions of international Investors are at the core of capital flows. This paper explores the impact of these decisions on long-term government bond yields, using a quarterly Investor base dataset for 22 advanced economies over 2004?2012. We find that a one percentage point increase in the share of government debt held by Foreign Investors can explain a 6?10 basis point reduction in long-term sovereign bond yields over the sample period. Accordingly, international flows to core advanced economy bond markets over 2008?12 are estimated to have reduced 10-year government bond yields by 40?65 basis points in Germany, 20?30 basis points in the U.K., and 35?60 basis points in the U.S. Incontrast, Foreign outflows are estimated to have raised 10-year government bond yields by 40?70 basis points in Italy and 110?180 basis points in Spain during the same period. These results suggest that changes in the Foreign Investor base for sovereign debt can have economically and statistically signifi cant effects on sovereign bond yields, independent of other standard macroeconomic determinants of bond yields.
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Foreign Investor flows and sovereign bond yields in advanced economies
2014Co-Authors: Serkan Arslanalp, Tigran PoghosyanAbstract:Asset allocation decisions of international Investors are at the core of capital flows. This paper explores the impact of these decisions on long-term government bond yields, using a quarterly Investor base dataset for 22 advanced economies over 2004-2012. We find that a one percentage point increase in the share of government debt held by Foreign Investors can explain a 6-10 basis point reduction in long-term sovereign bond yields over the sample period. Accordingly, international flows to core advanced economy bond markets over 2008-12 are estimated to have reduced 10-year government bond yields by 40-65 basis points in Germany, 20-30 basis points in the U.K., and 35-60 basis points in the U.S. In contrast, Foreign outflows are estimated to have raised 10-year government bond yields by 40-70 basis points in Italy and 110-180 basis points in Spain during the same period. Our results suggest that the divergence in long-term bond yields between core and periphery economies in the euro area may continue unless the “normalization” of macroeconomic determinants of bond yields is accompanied by a similar “normalization” of the Foreign Investor base.
Serkan Arslanalp - One of the best experts on this subject based on the ideXlab platform.
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Foreign Investor flows and sovereign bond yields in advanced economies
Journal of Banking and Financial Economics, 2016Co-Authors: Serkan Arslanalp, Tigran PoghosyanAbstract:Asset allocation decisions of international Investors are at the core of capital flows. This paper explores the impact of these decisions on long-term government bond yields, using a quarterly Investor base dataset for 22 advanced economies over 2004?2012. We find that a one percentage point increase in the share of government debt held by Foreign Investors can explain a 6?10 basis point reduction in long-term sovereign bond yields over the sample period. Accordingly, international flows to core advanced economy bond markets over 2008?12 are estimated to have reduced 10-year government bond yields by 40?65 basis points in Germany, 20?30 basis points in the U.K., and 35?60 basis points in the U.S. Incontrast, Foreign outflows are estimated to have raised 10-year government bond yields by 40?70 basis points in Italy and 110?180 basis points in Spain during the same period. These results suggest that changes in the Foreign Investor base for sovereign debt can have economically and statistically signifi cant effects on sovereign bond yields, independent of other standard macroeconomic determinants of bond yields.
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Foreign Investor flows and sovereign bond yields in advanced economies
2014Co-Authors: Serkan Arslanalp, Tigran PoghosyanAbstract:Asset allocation decisions of international Investors are at the core of capital flows. This paper explores the impact of these decisions on long-term government bond yields, using a quarterly Investor base dataset for 22 advanced economies over 2004-2012. We find that a one percentage point increase in the share of government debt held by Foreign Investors can explain a 6-10 basis point reduction in long-term sovereign bond yields over the sample period. Accordingly, international flows to core advanced economy bond markets over 2008-12 are estimated to have reduced 10-year government bond yields by 40-65 basis points in Germany, 20-30 basis points in the U.K., and 35-60 basis points in the U.S. In contrast, Foreign outflows are estimated to have raised 10-year government bond yields by 40-70 basis points in Italy and 110-180 basis points in Spain during the same period. Our results suggest that the divergence in long-term bond yields between core and periphery economies in the euro area may continue unless the “normalization” of macroeconomic determinants of bond yields is accompanied by a similar “normalization” of the Foreign Investor base.
Daniel A. Gerlowski - One of the best experts on this subject based on the ideXlab platform.
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Factors Affecting Foreign Investor Choice in Types of U.S. Real Estate
Journal of Real Estate Research, 1998Co-Authors: Deborah Ann Ford, Hung-gay Fung, Daniel A. GerlowskiAbstract:Using transaction level data, we present the first analysis of the way that Foreign Investors choose among different types of United States real estate. Our findings based on the conditional logit model analysis for the 1980-91 period are consistent with the hypothesis that Foreign Investors behave in a traditional profit maximizing, risk minimizing fashion. In choosing among investments in four major categories (apartment, office, retail and industrial) Foreign Investor choice is most sensitive to changes in capitalization rates, market activity and current rent levels.
Deborah Ann Ford - One of the best experts on this subject based on the ideXlab platform.
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Factors Affecting Foreign Investor Choice in Types of U.S. Real Estate
Journal of Real Estate Research, 1998Co-Authors: Deborah Ann Ford, Hung-gay Fung, Daniel A. GerlowskiAbstract:Using transaction level data, we present the first analysis of the way that Foreign Investors choose among different types of United States real estate. Our findings based on the conditional logit model analysis for the 1980-91 period are consistent with the hypothesis that Foreign Investors behave in a traditional profit maximizing, risk minimizing fashion. In choosing among investments in four major categories (apartment, office, retail and industrial) Foreign Investor choice is most sensitive to changes in capitalization rates, market activity and current rent levels.
Hung-gay Fung - One of the best experts on this subject based on the ideXlab platform.
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Factors Affecting Foreign Investor Choice in Types of U.S. Real Estate
Journal of Real Estate Research, 1998Co-Authors: Deborah Ann Ford, Hung-gay Fung, Daniel A. GerlowskiAbstract:Using transaction level data, we present the first analysis of the way that Foreign Investors choose among different types of United States real estate. Our findings based on the conditional logit model analysis for the 1980-91 period are consistent with the hypothesis that Foreign Investors behave in a traditional profit maximizing, risk minimizing fashion. In choosing among investments in four major categories (apartment, office, retail and industrial) Foreign Investor choice is most sensitive to changes in capitalization rates, market activity and current rent levels.