外国投资者构成对哥伦比亚主权债务流动的影响

Fredy Gamboa-Estrada , Andres Sanchez-Jabba
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引用次数: 0

摘要

评估主权债务持有者的构成非常重要,因为投资者的行为因股东偏好、监管限制和盈利任务等不同因素而异。为了研究这个问题,我们研究了共同基金和养老基金离岸投资的决定因素,这些基金集中了哥伦比亚尚未偿还的主权债务。我们的研究结果表明,共同基金对联邦基金利率、主权风险和金融指数构成等全球因素的冲击相当敏感。这与养老基金的研究结果形成了鲜明对比,我们发现养老基金对这些因素的敏感度较低,这凸显了外国投资者行为的差异,而这种差异可能会影响新兴市场内的主权债务流动。
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The effects of foreign investor composition on Colombia's sovereign debt flows

Assessing the composition of sovereign debt holders is important because investors' behavior varies according to distinctive components, including shareholders' preferences, regulatory constraints, and profitability mandates. To study this issue, we examine the determinants of offshore investments of mutual funds and pension funds, which concentrate Colombia's outstanding sovereign debt. Our results indicate that mutual funds exhibit considerable sensitivity to shocks in global factors, such as the Federal Funds Rate, sovereign risk, and the composition of financial indices. This contrasts with findings among pension funds, for which we detected a lower sensitivity to these factors, underlining the differences in foreign investor behavior that can impact sovereign debt flows within emerging markets.

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来源期刊
International Economics
International Economics Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)
CiteScore
6.30
自引率
0.00%
发文量
74
审稿时长
71 days
期刊最新文献
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