Arbeitspapier
Portfolio holdings in the euro area - home bias and the role of international, domestic and sector-specific factors
This paper aims to identify the determinants of portfolio restructuring in EMU member states since the introduction of the euro and especially during the financial turbulence of the past years. We find that, besides exchange rate volatility and traditional indicators of information and transaction costs, the perception of sovereign risk has become more important as a determinant of portfolio allocation. The shares of financial corporations have been affected disproportionately by this development. At the same time, banks substantially reduced their international investment, possibly the result of a deleveraging process.
- ISBN
-
978-3-86558-699-5
- Language
-
Englisch
- Bibliographic citation
-
Series: Discussion Paper Series 1 ; No. 2011,07
- Classification
-
Wirtschaft
International Finance: General
Current Account Adjustment; Short-term Capital Movements
Financial Aspects of Economic Integration
Portfolio Choice; Investment Decisions
- Subject
-
Financial Integration
Home Bias
Institutional Sectors
Financial Crisis
- Event
-
Geistige Schöpfung
- (who)
-
Jochem, Axel
Volz, Ute
- Event
-
Veröffentlichung
- (who)
-
Deutsche Bundesbank
- (where)
-
Frankfurt a. M.
- (when)
-
2011
- Handle
- Last update
-
10.03.2025, 11:44 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Jochem, Axel
- Volz, Ute
- Deutsche Bundesbank
Time of origin
- 2011
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