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Sovereign exposures in the Portuguese banking system: determinants and dynamics
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Orientador(es)
Resumo(s)
This paper studies the dynamics of the exposure of the Portuguese banking system to the
domestic public sector over 2008-2016 and assesses possible underlying motivations. The
analysis relies on a new dataset built from granular information that provides full coverage of
the Portuguese banking sector and the public sector. The results suggest that moral suasion
was an important driver of the evolution of sovereign exposures during the euro area crisis:
domestic banks provided financing to the sovereign when the Treasury needed to issue debt
amidst rising yields and, although to a smaller extent, when State-Owned Enterprises faced
funding shortages in international markets. Moreover, increases in central bank funding are
also related to increases in holdings of sovereign debt securities. These findings mainly hold for
medium-sized and large banks. In contrast, we find no evidence of gambling for resurrection
behaviour by banks with lower prudential capital or depressed profitability.
Descrição
Palavras-chave
System Banking Public Sector Financial Crises Portugal
Contexto Educativo
Citação
Campos, Maria Manuel . Ana Rita Mateus and Álvaro Pina .2019. “Sovereign exposures in the Portuguese banking system: determinants and dynamics” .Banco de Portugal. Economic and Research Department. Working Papers nº 19 | 2019.