This paper explores how foreign capital flows affect domestic long‐term interest rates. This is especially important in emerging economies when compared with advanced economies. We employ panel data to infer the yields of 10‐year government bonds along with the government bond inflows associated with foreign investors. We then use a regression approach to examine the differences in the interest rate effects between emerging and advanced economies before and after the global financial crisis (GFC). The results suggest that while government bond inflows influenced the government bond yields of emerging economies after the GFC, this was not the case for them before the GFC nor in small advanced economies before or after the GFC. Further, we find the purchase (sale) of government bonds by foreign investors corresponded to large decreases (increases) in emerging economy bond yields. Overall, the findings suggest that the massive government bond inflows associated with foreign investors after the GFC exerted a significant impact on long‐term interest rates in emerging economies.

中文翻译：

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外国资本流入对新兴经济体和发达经济体长期利率的影响

本文探讨了外国资本流动如何影响国内长期利率。与发达经济体相比，这在新兴经济体中尤其重要。我们使用面板数据来推断10年期政府债券的收益以及与外国投资者相关的政府债券流入。然后，我们使用回归方法研究全球金融危机（GFC）前后新兴经济体与发达经济体之间利率影响的差异。结果表明，尽管政府债券的流入影响了全球金融危机之后新兴经济体的政府债券收益率，但对于全球金融危机之前的新兴经济体和全球金融危机之前或之后的小型发达经济体而言，情况并非如此。更多，我们发现，外国投资者购买（出售）政府债券与新兴经济体债券收益率的大幅下降（增加）相对应。总体而言，调查结果表明，全球金融危机之后，与外国投资者相关的大量政府债券流入对新兴经济体的长期利率产生了重大影响。