Aging, longevity risk and following pension reforms are expected to have large impacts on households' saving level, and their need/demand for financial instruments. Evidence shows that the share of the insurance products and private pension funds in the household financial portfolio increased...

Using 482 US Dollar and Euro denominated bonds issued by 72 sovereigns, we examine the financial market and macroeconomic sources of time-series and cross-sectional variations in market-wide liquidity of sovereign bonds as a novelty in the sovereign fixed income literature. Vector autoregression...

In this paper, I show that a sizable component of emerging market sovereign yield spreads is due to factors other than default risk such as liquidity. I estimate the non-default component of the yield spreads as the basis between the actual credit default swap (CDS) premium and the hypothetical...