TY - BOOK ID - 84658586 TI - Tracking Global Demand for Emerging Market Sovereign Debt AU - Arslanalp, Serkan. AU - Tsuda, Takahiro. PY - 2014 SN - 1475514409 1484327098 1484327209 PB - Washington, D.C. : International Monetary Fund, DB - UniCat KW - Debts, Public KW - Fiscal policy KW - Local finance KW - Tax policy KW - Taxation KW - Economic policy KW - Finance, Public KW - Debts, Government KW - Government debts KW - National debts KW - Public debt KW - Public debts KW - Sovereign debt KW - Debt KW - Bonds KW - Deficit financing KW - Econometric models. KW - Government policy KW - Developing countries KW - Politics and government. KW - Banks and Banking KW - Finance: General KW - Public Finance KW - Investments: General KW - Exports and Imports KW - Financial Crises KW - Portfolio Choice KW - Investment Decisions KW - Debt Management KW - Sovereign Debt KW - Banks KW - Depository Institutions KW - Micro Finance Institutions KW - Mortgages KW - General Financial Markets: General (includes Measurement and Data) KW - International Lending and Debt Problems KW - Public finance & taxation KW - Banking KW - Finance KW - Investment & securities KW - International economics KW - Foreign banks KW - Securities markets KW - Emerging and frontier financial markets KW - Financial institutions KW - Financial markets KW - Government securities KW - External debt KW - Banks and banking, Foreign KW - Banks and banking KW - Capital market KW - Financial services industry KW - Debts, External KW - South Africa UR - https://www.unicat.be/uniCat?func=search&query=sysid:84658586 AB - This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced economies (Arslanalp and Tsuda, 2012). The estimates are constructed on a quarterly basis from 2004 to mid-2013 and are available along with the paper in an online dataset. We estimate that about half a trillion dollars of foreign flows went into emerging market government debt during 2010–12, mostly coming from foreign asset managers. Foreign central bank holdings have risen as well, but remain concentrated in a few countries: Brazil, China, Indonesia, Poland, Malaysia, Mexico, and South Africa. We also find that foreign investor flows to emerging markets were less differentiated during 2010–12 against the background of near-zero interest rates in advanced economies. The paper extends some of the indicators proposed in our earlier paper to show how the investor base data can be used to assess countries’ sensitivity to external funding shocks and to track foreign investors’ exposures to different markets within a global benchmark portfolio. ER -