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Daniel Yang

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Ronald I. McKinnon Memorial Fellowship for Undergraduates | 2020 - 2021 Academic Year

Sovereign Risk and Structure of Sovereign Debt Holdings in Low-Income Countries (LICs) and Emerging Markets (EMs)

Recent waves of fiscal spending on the COVID-19 public health crisis have led to increased concern from the World Bank and the International Monetary Fund on the sustainability and resiliency of sovereign debt worldwide. Sovereign risk has manifold implications for economic growth and development and low-income countries (LICs) and emerging markets (EMs) are particularly vulnerable to sovereign risks. Understanding the structure and the investor base composition is crucial to understanding demand-side sovereign risks. In this research project, Yang intends to understand the historical relationship between the structure of sovereign debt holdings and sovereign risk in approximately 100 LICs and EMs by investigating the relative holding compositions of 1) foreign officials, 2) foreign banks, and 3) foreign nonbanks on sovereign bond yields, credit ratings and restructurings.

Daniel Yang, Department of Economics

daniel yang

Daniel Yang is a junior studying economics and energy resources engineering. He is interested in macroeconomics and the economics of energy, climate, and the environment.