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An empirical analysis of Diaspora bonds

Þule Akkoyunlu () and Max Stern ()
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Þule Akkoyunlu: Department of Economics, Wilfrid Laurier University, 75 University Ave W, N2L 3C5 Waterloo, Ontario, Canada.
Max Stern: Forum de politique étrangère, Rigistrasse 52, 8006 Zürich.

Journal of Economics and Political Economy, 2018, vol. 5, issue 1, 57-80

Abstract: This study is the first to investigate theoretically and empirically the determinants of Diaspora Bonds for eight developing countries (Bangladesh, Ethiopia, Ghana, India, Lebanon, Pakistan, the Philippines, and Sri-Lanka) and one developed country - Israel for the period 1951 and 2008. Empirical results are consistent with the predictions of the theoretical model. The most robust variables are the closeness indicator and the sovereign rating, both on the demand-side. The spread is not significant, suggesting Diaspora Bonds differ from normal investments. Good governance and wars are also important demand-side determinants of Diaspora Bonds. Among the supply-side factors; FDI, ODA, foreign exchange, inflation, external debt and remittances significantly determine the issue of Diaspora Bonds. Most importantly, this study is able to make predictions of the most promising candidate countries in issuing Diaspora Bonds in the future.

Keywords: Diaspora Bonds; Supply-side; Demand-side. (search for similar items in EconPapers)
JEL-codes: F21 F24 F34 F35 G38 H62 H63 (search for similar items in EconPapers)
Date: 2018
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