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China's sovereign bond yield: some lessons

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  • Thi Hong Hanh Pham

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.

Suggested Citation

  • Thi Hong Hanh Pham, 2015. "China's sovereign bond yield: some lessons," Applied Economics Letters, Taylor & Francis Journals, vol. 22(3), pages 223-227, February.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:3:p:223-227
    DOI: 10.1080/13504851.2014.934426
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    References listed on IDEAS

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    1. Allen, Franklin & Qian, Jun & Qian, Meijun, 2005. "Law, finance, and economic growth in China," Journal of Financial Economics, Elsevier, vol. 77(1), pages 57-116, July.
    2. Thomas Laubach, 2009. "New Evidence on the Interest Rate Effects of Budget Deficits and Debt," Journal of the European Economic Association, MIT Press, vol. 7(4), pages 858-885, June.
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