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China's Bond Market and Global Financial Markets
Author:
Mr. Eugenio M Cerutti
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Mr. Maurice Obstfeld
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Series:
IMF Working Papers
Volume/Issue:
Volume 2018: Issue 253
Language:
English
Publication Date:
07 Dec 2018
DOI:
https://doi.org/10.5089/9781484377475.001
ISBN:
9781484377475
ISSN:
1018-5941
Pages:
17
Keywords:
WP; China; bond market; market; dollar; yield; Market Integration; Globalization; yield differential; U.S. dollar; stock market capitalization; global bond bond market; non-profit institution; China's bond market; Securities markets; Emerging and frontier financial markets; Stock markets; Bonds; Currency markets; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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A cross-country comparative analysis shows that there is substantial room for further integration of China into global financial markets, especially in the case of the international bond market. A further successful liberalization of the Chinese bond market would encompass not only loosening bond market regulations, but also further developing of other markets, notably the foreign exchange market. Even though the increased integration of China into international capital markets would increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China’s size and especially under a well-articulated macroeconomic framework.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund