| Autor: |
Boermans, M.A., Vermeulen, Robert |
| Přispěvatelé: |
Overig wetenschappelijk personeel, UU LEG Research UUSE Multidisciplinary Economics |
| Jazyk: |
angličtina |
| Rok vydání: |
2016 |
| Předmět: |
|
| Popis: |
Using a novel security-by-security dataset, this paper distinguishes investor preferences for euro-denominated debt securities from investor preferences for debt securities issued by euro area residents. We estimate a gravity model and show that investors have a preference for securities in their home country and countries close to their home country. Furthermore, investors have a strong preference for holding debt securities denominated in euros. Whether a security is issued by a euro area resident or a non-euro area resident is of secondary importance. These results are important for the literature on international investment positions for identifying investors’ currency preferences. |
| Databáze: |
OpenAIRE |
| Externí odkaz: |
|
