China's sovereign bond yield: some lessons

Thi Hong Hanh Pham

Applied Economics Letters, 2015, vol. 22, issue 3, 223-227

Abstract: This article aims to address the question of why China's bond market, particularly sovereign bond, is still quite underdeveloped while the country has enjoyed a spectacular economic growth since the launch of economic reforms. To do so, we provide an empirical analysis on the long-run and short-run determinants of China's sovereign bond yield over the period 1994 to 2012. We find that China's sovereign bond yield is not well-constructed because of not considering the fundamental macroeconomic conditions. This should be considered as one of the most important reasons hampering the advancement of bond market in China.

Date: 2015
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DOI: 10.1080/13504851.2014.934426

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