Republic of Poland: Selected Issues

Publication Date: June 26, 2014
Electronic Access: Free Full text (PDF file size is 1,531KB).
Use the free Adobe Acrobat Reader to view this PDF file

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.
Series: Country Report No. 14/174
Subject(s): Spillovers | Bond markets | Value added tax | Tax revenues | Business cycles | Pension funds | Private savings | Selected issues | Poland

Publication Date: June 26, 2014
ISBN/ISSN: 9781498367868/1934-7685 Format: Paper
Stock No: 1POLEA2014003 Pages: 102
US$18.00 (Academic Rate:
US$18.00 )
Please address any questions about this title to