“…doi:10.1016/j.jbankfin.2010.07.029 their respective monthly excess returns from January 1978 to June 1993. Diebold et al (2008) fitted yield curve data for Germany, Japan, the United Kingdom, and the United States to study a global yield curve model, 3 where the dynamics of yields depend on local and global factors. They find that global yield curve factors explain a significant portion of a country's yield curve level and slope.…”