全球智库信息集成服务系统(G2TT): DP10044 Banks, Government Bonds, and Default: What do the Data Say?

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来源类型	Discussion paper
规范类型	论文
来源ID	DP10044
	DP10044 Banks, Government Bonds, and Default: What do the Data Say?
	Nicola Gennaioli; Stefano Rossi; Alberto Martin
发表日期	2014-06-29
出版年	2014
语种	英语
摘要	We analyze holdings of public bonds by over 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults over 1998-2012. Banks hold many public bonds (on average 9% of their assets), particularly in less financially-developed countries. During sovereign defaults, banks increase their exposure to public bonds, especially large banks and when expected bond returns are high. At the bank level, bondholdings correlate negatively with subsequent lending during sovereign defaults. This correlation is mostly due to bonds acquired in pre-default years. These findings shed light on alternative theories of the sovereign defaultbanking crisis nexus.
主题	Financial Economics ; International Macroeconomics
关键词	Sovereign risk Sovereign default Government bonds
URL	https://cepr.org/publications/dp10044
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/538876
推荐引用方式 GB/T 7714	Nicola Gennaioli,Stefano Rossi,Alberto Martin. DP10044 Banks, Government Bonds, and Default: What do the Data Say?. 2014.