IMF paper examines banks’ public bond holdings
Researchers look at relationship between bond holdings and bank lending
Banks, in particular large banks, increase their exposure to public bonds during sovereign defaults, according to a working paper published by the International Monetary Fund (IMF) this week.
In Banks, Government Bonds, and Default: What do the Data Say? Nicola Gennaioli, Alberto Martin and Stefano Rossi analyse the holdings of public bonds by more than 20,000 banks in 191 countries, and the role of these bonds in 20 sovereign defaults between 1998 and 2012.
They find banks' bond holdings are
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