CEPR Discussion Paper – Cross-Border Investment in Emerging Market Bonds: Stylized Facts and Security-Level Evidence from Europe

Author(s):Katharina Bergant, Gian Maria Milesi-Ferretti, and Martin Schmitz Date:February 2023 Abstract: We provide stylized facts on nonresident holdings of emerging market bonds and analyze the determinants of euro area investors’ purchases of such securities, using a comprehensive security-level dataset that tracks net transactions of individual bonds issued by emerging market economies. Euro area investors show[…]

CEPR Discussion Paper – The Global Dollar Cycle

Author(s):Maurice Obstfeld and Haonan Zhou Date:February 2023 Abstract: The U.S. dollar’s nominal effective exchange rate closely tracks global financial conditions, whichthemselves show a cyclical pattern. Over that cycle, world asset prices, leverage, and capital flowsmove in concert with global growth, especially influencing the fortunes of emerging and developingeconomies (EMDEs). This paper documents that dollar appreciation[…]