On the impact and transmission channel of foreign official purchases on US Treasury yields in the mid-2000s, see also: Kaminska, I. and Zinna, G. (2014), “Official Demand for U.S. Debt; Implications for U.S. Real Interest Rates”, IMF Working Papers, No 14/66; and Krishnamurthy, A. and VissingJorgensen, A. (2012), “The Aggregate Demand for Treasury Debt”, Journal of Political Economy, Vol. 120, No 2, pp. 233–267.
[41]See, for instance, Warnock, F. and Warnock, V. (2009), “International capital flows and U.S.  interest rates”, Journal of International Money and Finance, Vol. 28(6), pp. 903–919; and Beltran, D., Kretchmer, M., Marquez, J. and Thomas, C. (2013), “Foreign holdings of U.S. Treasuries and U.S. Treasury yields”, Journal of International Money and Finance, Vol. 32(C), pp. 1120–1143. [42]See Cœuré, B.