Determinants of nonresident government debt ownership

Antonio Afonso and Jorge Silva ()

Applied Economics Letters, 2017, vol. 24, issue 2, 107-112

Abstract: 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.

Date: 2017
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Working Paper: Determinants of non-resident government debt ownership (2016)
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DOI: 10.1080/13504851.2016.1167818

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