publication . Article . 2014

Australia's bond home bias

Anil V. Mishra; Umaru B. Conteh;
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  • Published: 01 Jan 2014 Journal: Review of Pacific Basin Financial Markets and Policies, volume 17, page 1,450,001 (issn: 0219-0915, eissn: 1793-6705, Copyright policy)
  • Publisher: World Scientific Pub Co Pte Lt
Abstract
<jats:p> This paper constructs the float adjusted measure of home bias and explores the determinants of bond home bias by employing the International Monetary Fund's high quality dataset (2001 to 2009) on cross-border bond investment. The paper finds that Australian investors' prefer investing in countries with higher economic development and more developed bond markets. Exchange rate volatility appears to be an impediment for cross-border bond investment. Investors prefer investing in countries with stronger quality of institutions including bureaucratic quality, government effectiveness, regulatory quality, rule of law, efficiency of judicial system, risk of c...
Subjects
free text keywords: Coordinated portfolio investment survey, float bond home bias, quality of institutions, Arellano–Bover/Blundell–Bond, G15, G23, Economics and Econometrics, Finance, International monetary fund, Bureaucracy, media_common.quotation_subject, media_common, Bond, Economics, Bond market, General obligation bond, Accounting standard, Government, business.industry, business, Rule of law, jel:G1, jel:G2, jel:G3
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publication . Article . 2014

Australia's bond home bias

Anil V. Mishra; Umaru B. Conteh;