{
  "title": "Republic of Poland: Selected Issues Paper",
  "publication": "IMF Staff Country Reports, June 26, 2014",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/republic-of-poland-selected-issues-paper-41679",
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  "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.",
  "sections": [
    {
      "heading": "Overview and scope",
      "content": "- This Selected Issues paper considers the case of Poland to analyze global financial spillovers to emerging market (EM) sovereign bond markets.\n- Foreign holdings of Polish government bonds have increased substantially over the last decade.\n- The paper examines how foreign participation in local-currency sovereign bond markets affects financing conditions and sensitivity to global market sentiment."
    },
    {
      "heading": "Key findings",
      "content": "- Foreign participation provides an additional source of financing and reduces sovereign yields.\n- Foreign participation has given rise to concerns about increased sensitivity to shifts in market sentiment.\n- The analysis suggests that foreign participation plays an important role in transmitting global financial shocks to local-currency sovereign bond markets by:\n  - increasing yield volatility, and\n  - beyond a certain threshold, amplifying these spillovers."
    },
    {
      "heading": "Policy implications and considerations",
      "content": "- Monitor the size and composition of foreign holdings in local-currency sovereign bond markets given their role in transmitting global shocks.\n- Consider measures to mitigate excessive yield volatility associated with large foreign participation, recognizing the trade-off between broader investor bases and increased sensitivity to global financial conditions."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Expenditure, Financial institutions, Labor, National accounts, Pension spending, Pensions, Private savings, Sovereign bonds, Taxes, Value-added tax\n- 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\n\nInternational Monetary Fund. Republic of Poland: Selected Issues Paper (IMF Staff Country Reports 2014, 174).\n\n---\n\n Content in this bundle\n\n- Republic of Poland: Selected Issues; IMF Country Report 14/174; June 5, 2014\n  - Republic of Poland: Selected Issues; IMF Country Report 14/174; June 5, 2014 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Republic of Poland: Selected Issues; IMF Country Report 14/174; June 5, 2014 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: June 26, 2014",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781498367868.002",
    "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.",
    "The paper examines how foreign participation in local-currency sovereign bond markets affects financing conditions and sensitivity to global market sentiment.",
    "Foreign participation provides an additional source of financing and reduces sovereign yields.",
    "Foreign participation has given rise to concerns about increased sensitivity to shifts in market sentiment.",
    "The analysis suggests that foreign participation plays an important role in transmitting global financial shocks to local-currency sovereign bond markets by:",
    "Monitor the size and composition of foreign holdings in local-currency sovereign bond markets given their role in transmitting global shocks.",
    "Consider measures to mitigate excessive yield volatility associated with large foreign participation, recognizing the trade-off between broader investor bases and increased sensitivity to global financial conditions.",
    "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",
    "**Republic of Poland: Selected Issues; IMF Country Report 14/174; June 5, 2014**"
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