European researchers examine impact of capital inflows on long-term interest rates
Foreign ownership of eurozone securities linked to LT interest rate increase
Lower long-term interest rates resulting from the foreign accumulation of eurozone bonds might have led to "excessive risk-taking" at a global level, according to a working paper published by the Bank of Portugal last week.
In Capital Inflows and Euro Area Long-Term Interest Rates, Daniel Carvalho and Michael Fidora noted that foreign ownership of securities issued by residents in the eurozone has grown "considerably" since the single currency area was established and in the run-up to the global
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