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dc.contributor.authorChronopoulos, Dimitris
dc.contributor.authorDotsis, George
dc.contributor.authorMilonas, Nikolaos T
dc.identifier.citationChronopoulos , D , Dotsis , G & Milonas , N T 2020 , ' International evidence on the determinants of domestic sovereign debt bank holdings ' , Journal of Financial Services Research , vol. 58 , no. 2-3 , pp. 143-160 .
dc.identifier.otherPURE: 260993206
dc.identifier.otherPURE UUID: 6191b7c9-933a-465e-8e51-e0887d43f3d6
dc.identifier.otherScopus: 85074467815
dc.identifier.otherWOS: 000491395100001
dc.identifier.otherORCID: /0000-0002-2288-4842/work/82179520
dc.descriptionFunding: British Academy/SAMS Small Research Grant (SG140376).en
dc.description.abstractIn this paper, we examine the determinants of bank holdings of domestic sovereign debt with a panel dataset of 295 banks in 35 countries between 2002 and 2013. The findings indicate that the structure of bank ownership (domestic, foreign, or government ownership), the quality of governance, and the level of financial development of the countries in which banks operate all determine the level of home bias. Specifically, we find that domestic banks tend to hold more domestic sovereign debt relative to their foreign counterparts. We also provide evidence that home bias is even stronger when the domestic bank is controlled by its government. Moreover, home bias increases when government bonds are more risky, home governments are less effective, and when banking systems are less financially developed. Overall, we find that banks’ home bias in holding sovereign debt is an international phenomenon that is determined by both bank- and country-specific factors.
dc.relation.ispartofJournal of Financial Services Researchen
dc.rightsCopyright (c) the authors 2019 This article is distributed under the terms of the Creative Commons Attribution 4.0 InternationalLicense (, which permits unrestricted use, distribution, and repro-duction in any medium, provided you give appropriate credit to the original author(s) and the source, provide alink to the Creative Commons license, and indicate if changes were made.en
dc.subjectSovereign debten
dc.subjectHome biasen
dc.subjectMoral suasionen
dc.subjectGovernment ownershipen
dc.subjectHG Financeen
dc.titleInternational evidence on the determinants of domestic sovereign debt bank holdingsen
dc.typeJournal articleen
dc.contributor.sponsorThe British Academyen
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews. Centre for Responsible Banking and Financeen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.description.statusPeer revieweden

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