U.S. Investment in Global Bonds

JPMorgan for returns indices, Randolph Tantzscher of Markit for GEMLOC investabilty data, and Branimir Gruic of BIS for data on the size of local currency and USD-denominated bond markets. We also thank for helpful comments the editor (Nicola Fuchs-Schündeln), three anonymous referees, Anusha Chari, Branimir Gruic, Philip Lane, Louis Miserendino, and participants at INFINITI, Australian Conference of Economists, Banco Central de Reserva del Perú and NIPFP. Burger acknowledges a research sabbatical from Loyola University Maryland. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications