REPATRIATION OF DEBT IN THE EURO CRISIS
研究了欧元危机期间欧洲金融一体化逆转的现象，发现投资者将跨境债务头寸转回本国，主要影响危机国家的公共债务，而未遣返的债务则被重新分配给欧元区内大型且有政治影响力的国家。
With the beginning of the Euro Crisis, the long-standing trend of European financial integration reversed. Investors unwound cross-border positions of debt obligations and increased holdings of locally issued debt. In other words, debt obligations were repatriated. We use data on bank portfolios to document three new empirical regularities of the financial disintegration: (i) repatriation affected mainly debt of crisis countries; (ii) repatriation affected mainly public debt; (iii) the public debt of crisis countries that was not repatriated was reallocated to large and politically influential countries within the Euro area. We read these results in light of standard theories of cross-border portfolio allocation and argue that the sum of these patterns constitutes evidence for the secondary market theory of public debt.