Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/103107
Authors: 
Cafiso, Gianluca
Year of Publication: 
2014
Series/Report no.: 
CESifo Working Paper 5021
Abstract: 
The objective of this paper is to assess whether external debt makes a difference for public debt stabilization, where external debt is considered through the non-residents' holdings according to a Balance of Payments perspective. The analysis is empirical and considers the case of Italy, one of the world's largest debt issuer. We study the potential effects on the interest rate resulting from the auctions of government bonds to account for the effective cost borne by the Treasury. Our results point towards the irrelevance of the composition of the investor base for debt stabilization.
Subjects: 
debt stabilization
external debt
primary market
yields
Italy
JEL: 
E63
F34
G11
H63
Document Type: 
Working Paper

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