神戸大学金融研究会（RIEBセミナー共催） Monetary Economics Seminar of Kobe University (Jointly supported by RIEB Seminar)

日時
(Date&Time)		 2014年7月5日（土）午後3時30分から (Saturday, July 5, 2014, 3:30pm-)
会場
(Place)		 神戸大学経済経営研究所　会議室（研究所新館2階）
Meeting Room at RIEB (Annex, 2nd Floor)
対象
(Intended Audience)		 基本的に会員制の研究会ですが、非会員で関心のある方の参加も歓迎します。
The seminar is primarily for the workshop members. But non-members are also welcome to attend.
備考
(Note)		 論文のコピーは共同研究推進室にてご用意いたします。
Copies of the paper will be available at the Office of Promoting Research Collaboration.

セミナー後に懇親会を予定しております。セミナーへ参加を希望される方はお手数ですが、懇親会へのご出欠と併せご氏名、ご所属、ご連絡先（メールアドレス）を開催日の1週間前までに共同研究推進室へご連絡下さい。なお、懇親会の詳細については追ってご連絡いたします。
There will be a reception held after the seminar. If you would like to attend this seminar, please email us at Office of Promoting Research Collaboration your name, affiliation, email address and whether you will attend the reception or not, by a week before the workshop. Details will be notified later.

3:30pm～5:00pm

報告者
(Speaker)		 津田　尊弘　氏（Takahiro TSUDA）
所属
(Affiliation)		 財務省（Ministry of Finance Japan）
論題
(Topic)		 Tracking Global Demand for Emerging Market Sovereign Debt
概要
(Abstract)
    This paper proposes an approach to track US$1 trillion of emerging market government debt held by foreign investors in local and hard currency, based on a similar approach that was used for advanced economies (Arslanalp and Tsuda, 2012). The estimates are constructed on a quarterly basis from 2004 to mid-2013 and are available along with the paper in an online dataset. We estimate that about half a trillion dollars of foreign flows went into emerging market government debt during 2010-12, mostly coming from foreign asset managers. Foreign central bank holdings have risen as well, but remain concentrated in a few countries: Brazil, China, Indonesia, Poland, Malaysia, Mexico, and South Africa. We also find that foreign investor flows to emerging markets were less differentiated during 2010-12 against the background of near-zero interest rates in advanced economies. The paper extends some of the indicators proposed in our earlier paper to show how the investor base data can be used to assess countries' sensitivity to external funding shocks and to track foreign investors' exposures to different markets within a global benchmark portfolio.