Determinants of nonresident government debt ownership

被引：3
|
作者：
Afonso, Antonio [1 ]
Silva, Jorge [2 ,3 ]
机构：
[1] Univ Lisbon, Dept Econ, UECE Res Unit Complex & Econ, ISEG UL, Lisbon, Portugal
[2] Univ Lisbon, ISEG UL, Lisbon, Portugal
[3] Portuguese Parliament, Parliamentary Tech Budget Support Unit, Lisbon, Portugal
来源：
APPLIED ECONOMICS LETTERS | 2017年 / 24卷 / 02期
关键词：
Sovereign debt; central bank; financial markets; monetary and financial institutions; Portugal; C22; E44; F34; G15; H63;
D O I：
10.1080/13504851.2016.1167818
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We examine the determinants of nonresident government debt ownership, accounting for domestic and external factors and financial variables during the period 2000Q2-2014Q4, focussing on a small euro area open economy: Portugal. Our results show that better fiscal positions, higher systematic stress in Europe and higher shares of monetary and financial institutions (MFI) cross-border holdings of public debt, increase the share of nonresident held debt, and rising sovereign yields decrease that ratio.
引用
收藏
页码：107 / 112
页数：6
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