Republic of Poland: Selected Issues Paper

June 26, 2014

Preview Citation

Format: Chicago

Republic of Poland: Selected Issues Paper, (USA: International Monetary Fund, 2014) accessed November 21, 2024

Summary

This Selected Issues paper considers the case of Poland to analyze global financial spillovers to emerging market (EM) sovereign bond markets. Foreign holdings of Polish government bonds have increased substantially over the last decade. Although foreign participation in local-currency sovereign bond markets provides an additional source of financing and reduces sovereign yields, it has also given rise to concerns about increased sensitivity to shifts in market sentiment. The analysis in this paper suggests that foreign participation plays an important role in transmitting global financial shocks to local-currency sovereign bond markets by increasing yield volatility and, beyond a certain threshold, amplifying these spillovers.

Subject: Expenditure, Financial institutions, Labor, National accounts, Pension spending, Pensions, Private savings, Sovereign bonds, Taxes, Value-added tax

Keywords: Africa, Asia and Pacific, CR, Europe, Global, Intercompany debt, Investor base, ISCR, NFC debt, Pension spending, Pensions, Private savings, Saving acceleration, Sovereign bonds, Sub-Saharan Africa, Value-added tax, VAT revenue

Publication Details

Pages:

102
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2014/174
Stock No:

1POLEA2014003
ISBN:

9781498367868
ISSN:

1934-7685

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