Bond issuance and the funding choices of European banks: The consequences of public debt
研究发现欧洲银行在本国公共债务较高时会减少债券市场融资，导致杠杆率下降，这一结果由公共领域的挤出效应驱动，而非主权风险或政治影响。
European banks raise less funds in the bond market when there is a larger public debt in their national economies and this is reflected in lower leverage. We exploit numerous sources of heterogeneity in our data to demonstrate this result is driven by a crowding out effect from the public arena and not by a sovereign risk channel or political influence. The crowding out effect is stronger for less internationally active or smaller banks, and in banks characterized by more traditional business models. Our findings indicate that additional capital requirements on sovereign bond holdings can also influence bank funding composition via a decrease in the demand for sovereign bonds by the banking industry. The specific effect of these regulatory initiatives is critically dependent on bank characteristics.