Sustainable Local Currency Debt: An Analysis of Foreigners’ Korea Treasury Bonds Investments Using a LA-VARX Model

Foreign investors’ interest in Korean local currency bonds, and especially in Korea Treasury Bonds (KTBs) has increased significantly since the mid-2000s. This paper examines the determinants of foreign investors’ KTB investments by means of a lag-augmented vector autoregressive model with exogenous...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Jae Young Jang [verfasserIn] Erdal Atukeren [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	2019

Schlagwörter:	South Korea Korea Treasury Bonds (KTBs) geopolitical risk economic policy uncertainty lag-augmented VAR (LA-VAR)

Übergeordnetes Werk:	In: Sustainability - MDPI AG, 2009, 11(2019), 13, p 3603
Übergeordnetes Werk:	volume:11 ; year:2019 ; number:13, p 3603

Links:	Link aufrufen Link aufrufen Link aufrufen Journal toc

DOI / URN:	10.3390/su11133603

Katalog-ID:	DOAJ018268749

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callnumber-first	T - Technology
author	Jae Young Jang
spellingShingle	Jae Young Jang misc TD194-195 misc TJ807-830 misc GE1-350 misc South Korea misc Korea Treasury Bonds (KTBs) misc geopolitical risk misc economic policy uncertainty misc lag-augmented VAR (LA-VAR) misc Environmental effects of industries and plants misc Renewable energy sources misc Environmental sciences Sustainable Local Currency Debt: An Analysis of Foreigners’ Korea Treasury Bonds Investments Using a LA-VARX Model
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topic_title	TD194-195 TJ807-830 GE1-350 Sustainable Local Currency Debt: An Analysis of Foreigners’ Korea Treasury Bonds Investments Using a LA-VARX Model South Korea Korea Treasury Bonds (KTBs) geopolitical risk economic policy uncertainty lag-augmented VAR (LA-VAR)
topic	misc TD194-195 misc TJ807-830 misc GE1-350 misc South Korea misc Korea Treasury Bonds (KTBs) misc geopolitical risk misc economic policy uncertainty misc lag-augmented VAR (LA-VAR) misc Environmental effects of industries and plants misc Renewable energy sources misc Environmental sciences
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topic_browse	misc TD194-195 misc TJ807-830 misc GE1-350 misc South Korea misc Korea Treasury Bonds (KTBs) misc geopolitical risk misc economic policy uncertainty misc lag-augmented VAR (LA-VAR) misc Environmental effects of industries and plants misc Renewable energy sources misc Environmental sciences
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title	Sustainable Local Currency Debt: An Analysis of Foreigners’ Korea Treasury Bonds Investments Using a LA-VARX Model
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title_full	Sustainable Local Currency Debt: An Analysis of Foreigners’ Korea Treasury Bonds Investments Using a LA-VARX Model
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title_sort	sustainable local currency debt: an analysis of foreigners’ korea treasury bonds investments using a la-varx model
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title_auth	Sustainable Local Currency Debt: An Analysis of Foreigners’ Korea Treasury Bonds Investments Using a LA-VARX Model
abstract	Foreign investors’ interest in Korean local currency bonds, and especially in Korea Treasury Bonds (KTBs) has increased significantly since the mid-2000s. This paper examines the determinants of foreign investors’ KTB investments by means of a lag-augmented vector autoregressive model with exogenous variables (LA-VARX). The model specification includes variables capturing the domestic, international, and risk factors. The risk factors are especially important in the context of South Korea since geopolitical tensions and economic policy uncertainty might adversely affect all investment decisions by foreigners. We find that expected return rates, country default risks, and global economic conditions have a significant impact on foreign investors’ KTB investment, but geopolitical risks have only a short-term negative impact. Our findings not for only provide a better understanding of the determinants of financial investments in South Korean financial markets, but they have broader implications in terms of the economic and social aspects of sustainability in South Korea. This is because KTBs provide a source of funding for the South Korean government for social projects and that KTBs are also held largely by long-term investors such as pension funds and insurers which require stable and sustainable investments.
abstractGer	Foreign investors’ interest in Korean local currency bonds, and especially in Korea Treasury Bonds (KTBs) has increased significantly since the mid-2000s. This paper examines the determinants of foreign investors’ KTB investments by means of a lag-augmented vector autoregressive model with exogenous variables (LA-VARX). The model specification includes variables capturing the domestic, international, and risk factors. The risk factors are especially important in the context of South Korea since geopolitical tensions and economic policy uncertainty might adversely affect all investment decisions by foreigners. We find that expected return rates, country default risks, and global economic conditions have a significant impact on foreign investors’ KTB investment, but geopolitical risks have only a short-term negative impact. Our findings not for only provide a better understanding of the determinants of financial investments in South Korean financial markets, but they have broader implications in terms of the economic and social aspects of sustainability in South Korea. This is because KTBs provide a source of funding for the South Korean government for social projects and that KTBs are also held largely by long-term investors such as pension funds and insurers which require stable and sustainable investments.
abstract_unstemmed	Foreign investors’ interest in Korean local currency bonds, and especially in Korea Treasury Bonds (KTBs) has increased significantly since the mid-2000s. This paper examines the determinants of foreign investors’ KTB investments by means of a lag-augmented vector autoregressive model with exogenous variables (LA-VARX). The model specification includes variables capturing the domestic, international, and risk factors. The risk factors are especially important in the context of South Korea since geopolitical tensions and economic policy uncertainty might adversely affect all investment decisions by foreigners. We find that expected return rates, country default risks, and global economic conditions have a significant impact on foreign investors’ KTB investment, but geopolitical risks have only a short-term negative impact. Our findings not for only provide a better understanding of the determinants of financial investments in South Korean financial markets, but they have broader implications in terms of the economic and social aspects of sustainability in South Korea. This is because KTBs provide a source of funding for the South Korean government for social projects and that KTBs are also held largely by long-term investors such as pension funds and insurers which require stable and sustainable investments.
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