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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles Yuji; Nomoto, Takaaki; … - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010332404
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Explaining foreign holdings of Asia's debt securities: The Feldstein-Horioka paradox revisited
Horioka, Charles Yuji; Terada-Hagiwara, Akiko; Nomoto, … - 2015
In this paper, we find that home bias is still present in all economies and regions, especially in the case of short-term debt securities, but that there are substantial variations among economies and regions in the strength of home bias, with the Eurozone economies, the US, and developing Asia...
Persistent link: https://www.econbiz.de/10011421476
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Why has Japan's massive government debt not wreaked havoc (yet)?
Horioka, Charles Yuji - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010333541
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Explaining Foreign Holdings of Asia’s Debt Securities
Horioka, Charles Yuji; Nomoto, Takaaki; … - 2014
In this paper, we analyze data on trends since 2000 in foreign holdings of government securities and other debt securities, with emphasis on Japan and developing Asia. We find that foreign residents generally increased their holdings of Asian debt securities during the sample period and in...
Persistent link: https://www.econbiz.de/10010507546
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Financial Cycles in Credit, Housing and Capital Markets: Evidence from Systemic Economies
Adarov, Amat - 2017
The study estimates aggregate financial cycles and segment-specific cycles for credit, equity, bond and housing markets …
Persistent link: https://www.econbiz.de/10012099969
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The euro and international capital markets
Detken, Carsten; Hartmann, Philipp - 2000
. For the flow of international bond and note issuance it has even slightly overtaken the US dollar in the second half of … 1999. The data also suggest that this early supply of euro bonds by non-euro area residents, clearly exceeding the euro …
Persistent link: https://www.econbiz.de/10011604065
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Market-function asset purchases
Duffie, Darrell; Keane, Frank - 2023
This paper investigates the goals, costs, and benefits of official-sector purchases of government securities for the purpose of restoring market functionality. We explore the design of market-function purchase programs, including their communication, triggers, operational protocols, exit, and...
Persistent link: https://www.econbiz.de/10014480436
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Money in finance
Wray, L. Randall - 2011
This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private...
Persistent link: https://www.econbiz.de/10010281714
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Why do financial systems differ? History matters
Monnet, Cyril; Quintin, Erwan - 2005
We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different...
Persistent link: https://www.econbiz.de/10011604488
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Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis
Ehrmann, Michael; Fratzscher, Marcel - 2015
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It … spillovers) and flight-to-quality patterns, exploiting the heteroskedasticity of intraday changes in bond yields for … identification. The paper finds that euro area government bond markets were well integrated prior to the crisis, but saw a …
Persistent link: https://www.econbiz.de/10011396691