Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/193564 
Autor:innen: 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
ESRB Working Paper Series No. 57
Verlag: 
European Systemic Risk Board (ESRB), European System of Financial Supervision, Frankfurt a. M.
Zusammenfassung: 
I develop a model where the sovereign debt capacity depends on the capitalization of domestic banks. Low-capital banks optimally tilt their government bond portfolio toward domestic securities, linking their destiny to that of the sovereign. If the sovereign risk is sufficiently high, low-capital banks reduce private lending to further increase their holdings of domestic government bonds, lowering sovereign yields and supporting the home sovereign debt capacity. The model rationalizes, in the context of the eurozone periphery, the increase in domestic government bond holdings, the reduction of bank credit supply, and the prolonged fragility of the financial sector.
Schlagwörter: 
Bank Capital
Sovereign Crises
Risk-Shifting
Government Bonds
Bank Credit
JEL: 
E44
F33
G21
G28
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-95210-44-8
Dokumentart: 
Working Paper

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