Determinants of non-resident government debt ownership

Antonio Afonso and Jorge Silva ()

No 2016/03, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

Abstract: We examine the determinants of non-resident 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 MFI cross-border holdings of public debt, increase the share of non-resident held debt, and rising sovereign yields decrease that ratio. Key Words – sovereign debt, central bank, financial markets, monetary and financial institutions, Portugal.

JEL-codes: C22 E44 F34 G15 H63 (search for similar items in EconPapers)
Date: 2016-01
New Economics Papers: this item is included in nep-eec and nep-mac
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Citations: View citations in EconPapers (1)

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Journal Article: Determinants of nonresident government debt ownership (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:ise:isegwp:wp032016

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