期刊名称：BIS Quarterly Review: International Banking and Financial Market Developments = BIZ-Quartalsbericht: Internationales Bankgeschäft und internationale Finanzmärkte
印刷版ISSN：1012-9979
出版年度：2020
卷号：2020
语种：English
出版社：Bank for International Settlements
摘要：In emerging market economies (EMEs), the Covid-19 pandemic increased governments' funding needs at the very moment that investor appetite waned. In March, local currency bond yields rose rapidly and international investors withdrew on a massive scale. While government debt markets have since started to stabilise, the economic crisis triggered by the pandemic has brought into sharp focus two international dimensions of EME governments' funding risk: their vulnerability to currency depreciations and their dependence on non-resident portfolio investors.
