| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w30087 |
| 来源ID | Working Paper 30087 |
| Who Holds Sovereign Debt and Why It Matters | |
| Xiang Fang; Bryan Hardy; Karen K. Lewis | |
| 发表日期 | 2022-05-30 |
| 出版年 | 2022 |
| 语种 | 英语 |
| 摘要 | This paper studies the impact of investor composition on the sovereign debt market and the implied funding costs to borrowers. 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 | International Economics ; International Finance ; International Macroeconomics ; Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets |
| URL | https://www.nber.org/papers/w30087 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/587761 |
| 推荐引用方式 GB/T 7714 | Xiang Fang,Bryan Hardy,Karen K. Lewis. Who Holds Sovereign Debt and Why It Matters. 2022. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w30087.pdf（338KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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