Determinants of nonresident government debt ownership

Afonso, António; Silva, Jorge

http://hdl.handle.net/10400.5/25527

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Authors

Afonso, António

Silva, Jorge

Abstract(s)

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.

Keywords

Sovereign Debt Central Bank Financial Markets Monetary and Financial Institutions Portugal

URI

http://hdl.handle.net/10400.5/25527

Citation

Afonso, António and Jorge Silva. (2017). "Determinants of nonresident government debt ownership". Applied Economics Letters, Vol. 24, No. 2: pp. 107-112.