| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP17338 |
| DP17338 Who Holds Sovereign Debt and Why It Matters | |
| Xiang Fang; Bryan Hardy; Karen Lewis | |
| 发表日期 | 2022-05-29 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper studies the impact of investor composition on the sovereign debt market. We construct an aggregate data set of sovereign debt holdings by foreign and domestic bank, non-bank private, and official investors for 95 countries over twenty years. We find that private non-bank investors absorb most of the increase in sovereign debt supply. We further find that foreign non-bank investor demand is most responsive to the yield for emerging market (EM) debt, while yield elasticity for all investors is much lower for advanced economy debt. We show that EM sovereigns are highly vulnerable to losing their foreign non-bank investors. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Sovereign debt Investor demand Banks and non-banks Advanced economies and emerging markets |
| URL | https://cepr.org/publications/dp17338 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/546380 |
| 推荐引用方式 GB/T 7714 | Xiang Fang,Bryan Hardy,Karen Lewis. DP17338 Who Holds Sovereign Debt and Why It Matters. 2022. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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