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Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank >
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http://hdl.handle.net/10419/45175
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| Title: | | Portfolio holdings in the euro area - home bias and the role of international, domestic and sector-specific factors  |
| Authors: | | Jochem, Axel Volz, Ute |
| Issue Date: | | 2011 |
| Series/Report no.: | | Discussion Paper Series 1: Economic Studies 2011,07 |
| 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 |
| Appears in Collections: | | Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank
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