期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2016
出版社：European Central Bank
摘要：Using proprietary data on banks’ monthly securities holdings, we find that during the Europeansovereign debt crisis, domestic banks in fiscally stressed countries were considerably morelikely than foreign banks to increase their holdings of domestic sovereign bonds in months withrelatively high domestic sovereign bond issuance. This effect is stronger for state‐owned banksand for banks with low initial holdings of domestic sovereign bonds, and it is not fuelled byCentral Bank liquidity provision. Our results point to a “moral suasion” mechanism, and cannotbe explained by concurrent risk‐shifting, carry‐trading, regulatory compliance, or shocks toinvestment opportunities.
关键词：Sovereign debt; sovereign‐bank loop; moral suasion
