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

页码：107 / 112

页数：6

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