行业报告国际清算银行谁持有主权债务以及为什么这很重要英20235_市场营销策划_重点报.docx
《行业报告国际清算银行谁持有主权债务以及为什么这很重要英20235_市场营销策划_重点报.docx》由会员分享,可在线阅读,更多相关《行业报告国际清算银行谁持有主权债务以及为什么这很重要英20235_市场营销策划_重点报.docx(63页珍藏版)》请在第一文库网上搜索。
1、WhoHo1dsSovereignDebtandWhyItMattersWethankMariaGe1rud,SophiaHua,andMaxYangforexce11entresearchassistance.Wea1sobenefitedfromcommentsbyKar1yeDi1tsStedman,EsterFaiazGregorMatvosandparticipantsattheBankofInternationa1Sett1ements,BanquedeFrance,ChinaInternationa1FinanceConference,EconometricSocietyNort
2、hAmericanWinterMeeting,Federa1ReSerVeBoard,Federa1ReserveBankofDa11as,HongKongUniversity,INSEADz1ondonBusinessSchoo1,1ondonSchoo1ofEconomics,theMacroFinanceSociety,DebtCon5,EEA-ESSMCongress,theMidwestFinanceAssociation,theNationa1BureauofEconomicResearch,SocietyofEconomicDynamicszandtheWhartonSch1of
3、theUniversityofPennsy1vania.Anyerrorsoromissionsareourown.Theviewsexpressedherearethoseoftheauthorsandnotnecessari1ythoseoftheBankforInternationa1Sett1ements.Contact:xiangfhku.hk,bryan.hardybis.org,1ewiskwharton.upenn.eduXiangFangBryanHardyUniversityofHongKongBankforInternationa1Sett1ementsKarenK.1e
4、wisUniversityofPennsy1vania,NBER,andCEPRApri124,2023AbstractThispaperstudiestheimpactofinvestorcompositiononthesovereigndebtmarket.Weconstructadatasetofsovereigndebtho1dingsbyforeignanddomesticbankznon-bankprivate,andofficia1investorsfor95countriesovertwentyyears.Privatenon-bankinvestorsabsorbdispro
5、portionate1ymoresovereigndebtsupp1ythanotherinvestors.Moreover,non-bankinvestordemandismostresponsivetotheyie1d.Counterfactua1ana1ysisofemergingmarketsovereignsshowsa10%increaseindebt1eadstoa6.7%increaseincosts,butanout-sized9%increaseifnon-bankinvestorsareabsent.Weconc1udethatthesesovereignsarevu1n
6、erab1eto1osingnon-bankinvestors.JE1-Codes:F34,GI1G15,F41Keywords:Sovereigndebt,BanksandNon-bankszAdvancedEconomiesandEmergingMarkets1IntroductionTheabi1itytoissuedebtisanimportantinstrumentatthegovernmentsdisposa1.Sovereignborrowingcanhe1pbuffertheeconomyfromtheimpactofadversemacroeconomicshocks.Con
7、verse1y,indebtednesscana1somakeacountryvu1nerab1etofinancia1distress,ascrisisepisodeshavei11ustrated.Indeed,thesharpincreaseinfisca1expendituresanddebtissuanceduringtherecentpandemicperiod,aswe11asconcernsfromthefa11outofwar,hasbroughtmoreurgencytounderstandinghowagovernmentcanborrow.Answeringthisqu
8、estionrequiresknow1edgeofwhoinvestsinsovereigndebtandhowtheseinvestorsimpactborrowingcosts.Therefore,thispaperprovidesanana1ysisofwhoho1dssovereigndebtandwhatthisinvestorcompositionimp1iesforgovernments,borrowingcosts.Webeginbydocumentingwhoho1dsgovernmentdebtaroundthewor1dandestab1ishingsomenewempi
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