Bridge over ocean
1 July 2012 Financial Analysts Journal Volume 68, Issue 4

Emerging Local Currency Bond Markets

  1. John D. Burger
  2. Francis E. Warnock
  3. Veronica Cacdac Warnock

In this article, the authors assess local currency bond markets in emerging market economies (EMEs). Supported by policies and laws that helped improve macroeconomic stability and creditor rights, local currency EME bond markets have grown substantially over the past decade and have provided USD-based investors with attractive returns. U.S. investors have responded by sharply increasing their holdings of EME local currency bonds, especially in EMEs with investor-friendly institutions and policies.

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