Federal Reserve Bank of San Francisco

Economic Research

Publications and Research Working Papers

FRBSF Economic Letters

Economic analysis and research summaries for a general audience.


Galina B. Hale, Peter Jones, and Mark M. Spiegel
2014-24

Historically, businesses in most countries have not been able to sell bonds denominated in their home currencies to foreign investors. In recent decades this trend has been changing. Research shows that bonds denominated in currencies other than the major global currencies have increased, particularly following the global financial crisis. However, not all countries were affected equally. Countries that were able to take advantage of the temporary disruption and near-zero interest rates in global financial markets were the ones with a combination of low government debt and a history of stable inflation.

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Economic Review

An annual summary of Department research plus in-depth policy article.

FedViews

Analysis of current economic developments and the outlook.

Michael Bauer, economist at the Federal Reserve Bank of San Francisco, states his views on the current economy and the outlook.

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SF Fed Forecast Preview

The SF Fed Forecast Preview is an advance release of the monthly SF Fed FedViews publication. Our forecasts of GDP, inflation, and unemployment will usually be released will usually be released on the second Tuesday of each month.

Western Economic Developments

Western Economic Developments is linked to via Fed in Print only.

  • Executive Summary
  • District Update
  • Nonresidential Real Estate and Construction
  • Alaska, Oregon, and Washington
  • Arizona, California, and Hawaii
  • Idaho, Nevada, and Utah

Executive Summary

  • California’s economy continued to expand at a strong pace in late 1996, and the state’s labor market tightened further.
  • Nevada, the fastest-growing state in the nation, continued to add jobs at more than a 6-1/2 percent average annual pace in recent months.

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Working Papers

Preliminary versions of economic research.


Galina B. Hale, Peter Jones, and Mark M. Spiegel

We document a substantial decline in the share of international bonds denominated in major reserve currencies over the last two decades, and an increase in bonds denominated in issuers’ home currencies, especially after the global financial crisis. We present a model that demonstrates how the global financial crisis could have a persistent impact on home currency bond issuance. Empirically, we show that countries with more stable inflation and lower government debt were more likely to benefit from the opportunity to switch to home currency foreign bond issuance presented by the crisis.

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