01786cas a2200241 a 4500 AALejournalIMF014502 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498367868 1934-7685 BD-DhAAL BD-DhAAL International Monetary Fund. European Dept. Republic of Poland : Selected Issues Paper. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (102 pages) IMF Staff Country Reports <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Although foreign participation in local-currency sovereign bond markets provides an additional source of financing and reduces sovereign yields, it has also given rise to concerns about increased sensitivity to shifts in market sentiment. The analysis in this paper suggests that foreign participation plays an important role in transmitting global financial shocks to local-currency sovereign bond markets by increasing yield volatility and, beyond a certain threshold, amplifying these spillovers. Mode of access: Internet IMF Staff Country Reports; Country Report ; No. 2014/174 Full text available on IMF http://elibrary.imf.org/view/journals/002/2014/174/002.2014.issue-174-en.xml IMF e-Library