borrowers. We construct an aggregate data set of sovereign debt holdings by foreign and domestic bank, non-bank private, and … official investors for 95 countries over twenty years. We find that private non-bank investors absorb most of the increase in … sovereign debt supply. We further find that foreign non-bank investor demand is most responsive to the yield for emerging market …

In this paper, we develop a contingent claim model to evaluate a bank’s equity and liabilities that integrates the … regulation. The barrier options theory of corporate security valuation is applied to the contingent claims of a bank. The barrier … products (WMPs) and entrusted loans (ELs). The optimal bank interest margin, i.e., the spread between the loan rate and the …