China’s sovereign bond yield: some lessons

Pham Thi Hong Hanh ()
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Pham Thi Hong Hanh: LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes

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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.

Keywords: Debt market; Sovereign bond yield; China (search for similar items in EconPapers)
Date: 2014-07-24
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Published in Applied Economics Letters, 2014, 22 (3), pp.223-227. ⟨10.1080/13504851.2014.934426⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04509079

DOI: 10.1080/13504851.2014.934426

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