Help to Spend? The Housing Market and Consumption Response to Relaxing the Down Payment Constraint
In: CEPR Discussion Paper No. DP16144
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In: CEPR Discussion Paper No. DP16144
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In: CEPR Discussion Paper No. DP13090
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Working paper
In: De Nederlandsche Bank Working Paper No. 382
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Working paper
In: Journal of Financial Perspectives, Band 1, Heft 1
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In: IMF Working Papers, S. 1-35
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In: CESifo Working Paper No. 9053
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In: De Nederlandsche Bank Working Paper No. 505
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Using proprietary data on banks' monthly securities holdings, we find that during the European sovereign debt crisis, domestic banks in fiscally stressed countries were considerably more likely than foreign banks to increase their holdings of domestic sovereign bonds in months with relatively high domestic sovereign bond issuance. This effect is stronger for state?owned banks and for banks with low initial holdings of domestic sovereign bonds, and it is not fuelled by Central Bank liquidity provision. Our results point to a "moral suasion" mechanism, and cannot be explained by concurrent risk?shifting, carry?trading, regulatory compliance, or shocks to investment opportunities.
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In: ECB Working Paper No. 1937
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Working paper
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In: EBRD Working Paper No. 269
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In: CEPR Discussion Paper No. DP17400
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In: Bank of England Working Paper No. 986
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In: CentER Discussion Paper Series No. 2013-040
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Working paper