Who's afraid of sovereign bonds?
Silvia Merler () and
Jean Pisani-Ferry ()
Policy Contributions from Bruegel
The crisis has underlined the strong interdependence between the euro-area banking and sovereign crises. To understand the role domestic banks have played in holding sovereign debt, a breakdown of government debt by holding sectors is required.The data shows that at the start of the crisis, most continental euro-area countries were characterised by the large size of their banks’ portfolios of domestic government bonds, which were markedly larger than in the...
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