Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/45175 
Year of Publication: 
2011
Series/Report no.: 
Discussion Paper Series 1 No. 2011,07
Publisher: 
Deutsche Bundesbank, Frankfurt a. M.
Abstract: 
This paper aims to identify the determinants of portfolio restructuring in EMU member states since the introduction of the euro and especially during the financial turbulence of the past years. We find that, besides exchange rate volatility and traditional indicators of information and transaction costs, the perception of sovereign risk has become more important as a determinant of portfolio allocation. The shares of financial corporations have been affected disproportionately by this development. At the same time, banks substantially reduced their international investment, possibly the result of a deleveraging process.
Subjects: 
Financial Integration
Home Bias
Institutional Sectors
Financial Crisis
JEL: 
F30
F32
F36
G11
ISBN: 
978-3-86558-699-5
Document Type: 
Working Paper

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