<?xml version="1.0" encoding="utf-8"?>
<TEI xmlns="http://www.tei-c.org/ns/1.0" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:hal="http://hal.archives-ouvertes.fr/" xmlns:gml="http://www.opengis.net/gml/3.3/" xmlns:gmlce="http://www.opengis.net/gml/3.3/ce" version="1.1" xsi:schemaLocation="http://www.tei-c.org/ns/1.0 http://api.archives-ouvertes.fr/documents/aofr-sword.xsd">
  <teiHeader>
    <fileDesc>
      <titleStmt>
        <title>HAL TEI export of halshs-01015475v3</title>
      </titleStmt>
      <publicationStmt>
        <distributor>CCSD</distributor>
        <availability status="restricted">
          <licence target="https://creativecommons.org/publicdomain/zero/1.0/">CC0 1.0 - Universal</licence>
        </availability>
        <date when="2026-04-29T16:27:14+02:00"/>
      </publicationStmt>
      <sourceDesc>
        <p part="N">HAL API Platform</p>
      </sourceDesc>
    </fileDesc>
  </teiHeader>
  <text>
    <body>
      <listBibl>
        <biblFull>
          <titleStmt>
            <title xml:lang="en">Increase in home bias in the Eurozone debt crisis: the role of domestic shocks</title>
            <author role="aut">
              <persName>
                <forename type="first">Camille</forename>
                <surname>Cornand</surname>
              </persName>
              <email type="md5">404f0f276901a81b2d8d877915d641d0</email>
              <email type="domain">gate.cnrs.fr</email>
              <idno type="idhal" notation="string">camille-cornand</idno>
              <idno type="idhal" notation="numeric">17588</idno>
              <idno type="halauthorid" notation="string">4033-17588</idno>
              <idno type="IDREF">https://www.idref.fr/094143218</idno>
              <affiliation ref="#struct-102550"/>
            </author>
            <author role="aut">
              <persName>
                <forename type="first">Pauline</forename>
                <surname>Gandré</surname>
              </persName>
              <idno type="halauthorid">733314-0</idno>
              <affiliation ref="#struct-102550"/>
            </author>
            <author role="aut">
              <persName>
                <forename type="first">Céline</forename>
                <surname>Gimet</surname>
              </persName>
              <idno type="halauthorid">375754-0</idno>
              <affiliation ref="#struct-102550"/>
              <affiliation ref="#struct-176022"/>
            </author>
            <editor role="depositor">
              <persName>
                <forename>Taï</forename>
                <surname>Dao</surname>
              </persName>
              <email type="md5">428ea86738b85fdf0cbb5567b438f70f</email>
              <email type="domain">gate.cnrs.fr</email>
            </editor>
          </titleStmt>
          <editionStmt>
            <edition n="v1">
              <date type="whenSubmitted">2014-06-26 15:18:25</date>
            </edition>
            <edition n="v2">
              <date type="whenSubmitted">2015-01-28 11:53:53</date>
            </edition>
            <edition n="v3" type="current">
              <date type="whenSubmitted">2015-09-16 09:57:46</date>
              <date type="whenWritten">2014</date>
              <date type="whenModified">2026-04-23 14:50:05</date>
              <date type="whenReleased">2015-09-16 11:08:01</date>
              <date type="whenProduced">2014</date>
              <date type="whenEndEmbargoed">2015-09-16</date>
              <ref type="file" target="https://shs.hal.science/halshs-01015475v3/document">
                <date notBefore="2015-09-16"/>
              </ref>
              <ref type="file" subtype="author" n="1" target="https://shs.hal.science/halshs-01015475v3/file/1419.pdf" id="file-1199745-1280906">
                <date notBefore="2015-09-16"/>
              </ref>
            </edition>
            <respStmt>
              <resp>contributor</resp>
              <name key="112999">
                <persName>
                  <forename>Taï</forename>
                  <surname>Dao</surname>
                </persName>
                <email type="md5">428ea86738b85fdf0cbb5567b438f70f</email>
                <email type="domain">gate.cnrs.fr</email>
              </name>
            </respStmt>
          </editionStmt>
          <publicationStmt>
            <distributor>CCSD</distributor>
            <idno type="halId">halshs-01015475</idno>
            <idno type="halUri">https://shs.hal.science/halshs-01015475</idno>
            <idno type="halBibtex">cornand:halshs-01015475</idno>
            <idno type="halRefHtml">2014</idno>
            <idno type="halRef">2014</idno>
            <availability status="restricted">
              <licence target="https://about.hal.science/hal-authorisation-v1/">HAL Authorization<ref corresp="#file-1199745-1280906"/></licence>
            </availability>
          </publicationStmt>
          <seriesStmt>
            <idno type="stamp" n="SHS">Sciences de l'Homme et de la Société</idno>
            <idno type="stamp" n="UNIV-ST-ETIENNE">Université Jean Monnet - Saint-Etienne</idno>
            <idno type="stamp" n="ENS-LYON">École Normale Supérieure de Lyon</idno>
            <idno type="stamp" n="CNRS">CNRS - Centre national de la recherche scientifique</idno>
            <idno type="stamp" n="UNIV-AMU">Aix Marseille Université</idno>
            <idno type="stamp" n="UNIV-LYON1">Université Claude Bernard - Lyon I</idno>
            <idno type="stamp" n="UNIV-LYON2">Université Lumière Lyon 2</idno>
            <idno type="stamp" n="GATE">Groupe d'analyse et de théorie économique</idno>
            <idno type="stamp" n="GATE_WP">Groupe d'analyse et de théorie économique</idno>
            <idno type="stamp" n="AO-ECONOMIE">Archives ouvertes de l'Economie</idno>
            <idno type="stamp" n="GATE-MFH" corresp="SHS">GATE - Macroéconomie, finance et histoire</idno>
            <idno type="stamp" n="UDL">UDL</idno>
            <idno type="stamp" n="UNIV-LYON">Université de Lyon</idno>
            <idno type="stamp" n="HAL-LYON-2-NOUVELLE-VERSION">Nouvelle version portail </idno>
          </seriesStmt>
          <notesStmt/>
          <sourceDesc>
            <biblStruct>
              <analytic>
                <title xml:lang="en">Increase in home bias in the Eurozone debt crisis: the role of domestic shocks</title>
                <author role="aut">
                  <persName>
                    <forename type="first">Camille</forename>
                    <surname>Cornand</surname>
                  </persName>
                  <email type="md5">404f0f276901a81b2d8d877915d641d0</email>
                  <email type="domain">gate.cnrs.fr</email>
                  <idno type="idhal" notation="string">camille-cornand</idno>
                  <idno type="idhal" notation="numeric">17588</idno>
                  <idno type="halauthorid" notation="string">4033-17588</idno>
                  <idno type="IDREF">https://www.idref.fr/094143218</idno>
                  <affiliation ref="#struct-102550"/>
                </author>
                <author role="aut">
                  <persName>
                    <forename type="first">Pauline</forename>
                    <surname>Gandré</surname>
                  </persName>
                  <idno type="halauthorid">733314-0</idno>
                  <affiliation ref="#struct-102550"/>
                </author>
                <author role="aut">
                  <persName>
                    <forename type="first">Céline</forename>
                    <surname>Gimet</surname>
                  </persName>
                  <idno type="halauthorid">375754-0</idno>
                  <affiliation ref="#struct-102550"/>
                  <affiliation ref="#struct-176022"/>
                </author>
              </analytic>
              <monogr>
                <idno type="localRef">Working paper GATE 2014-19</idno>
                <imprint/>
              </monogr>
            </biblStruct>
          </sourceDesc>
          <profileDesc>
            <langUsage>
              <language ident="en">English</language>
            </langUsage>
            <textClass>
              <keywords scheme="author">
                <term xml:lang="en">Sovereign debt crises</term>
                <term xml:lang="en">Eurozone</term>
                <term xml:lang="en">Bayesian panel S-VAR</term>
                <term xml:lang="en">Home bias</term>
                <term xml:lang="en">Second-generation model</term>
              </keywords>
              <classCode scheme="jel" n="E.E4">E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates</classCode>
              <classCode scheme="jel" n="E.E5">E - Macroeconomics and Monetary Economics/E.E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit</classCode>
              <classCode scheme="jel" n="F.F3">F - International Economics/F.F3 - International Finance</classCode>
              <classCode scheme="jel" n="G.G1.G15">G - Financial Economics/G.G1 - General Financial Markets/G.G1.G15 - International Financial Markets</classCode>
              <classCode scheme="halDomain" n="shs.eco">Humanities and Social Sciences/Economics and Finance</classCode>
              <classCode scheme="halTypology" n="UNDEFINED">Preprints, Working Papers, ...</classCode>
              <classCode scheme="halOldTypology" n="UNDEFINED">Preprints, Working Papers, ...</classCode>
              <classCode scheme="halTreeTypology" n="UNDEFINED">Preprints, Working Papers, ...</classCode>
            </textClass>
            <abstract xml:lang="en">
              <p>One of the most striking consequences of the recent episode of sovereign debt market stress in the Eurozone has been the increase in the share of public debt held by the domestic sector in fragile economies. However, the causes and potential consequences of this increase were only given scarce attention in the literature on the Euro area sovereign debt crisis. In order to fill this gap, we first identify the shocks that impact the variation in the share of sovereign debt held at home in an SVAR model on a sample of Eurozone countries between 2002 and 2014, distinguishing between external and domestic shocks. Thanks to several alternative tests, we show that home bias in sovereign debt responds positively to country-specific fundamentals and expectations shocks but we find no evidence that the increase in home bias is destabilizing per se in the short-run. Second, a stylized theoretical model backed by the empirical results predicts that the consequences for sovereign debt crisis depend on the relative impact of domestic initial destabilizing shocks and increased home bias. The analysis suggests that an increase in home bias in times of sovereign debt stress, despite reflecting deteriorating fiscal conditions, may make default less likely.</p>
            </abstract>
          </profileDesc>
        </biblFull>
      </listBibl>
    </body>
    <back>
      <listOrg type="structures">
        <org type="laboratory" xml:id="struct-102550" status="OLD">
          <idno type="IdRef">03560977X</idno>
          <idno type="ISNI">0000 0001 2323 4895</idno>
          <idno type="RNSR">199512098B</idno>
          <idno type="ROR">https://ror.org/042fmc481</idno>
          <orgName>Groupe d'Analyse et de Théorie Economique Lyon - Saint-Etienne</orgName>
          <orgName type="acronym">GATE Lyon Saint-Étienne</orgName>
          <date type="start">1997-01-01</date>
          <date type="end">2020-12-31</date>
          <desc>
            <address>
              <addrLine>93, chemin des Mouilles 69130 Écully 6, rue Basse des Rives 42023 Saint-Étienne cedex 02</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.gate.cnrs.fr/</ref>
          </desc>
          <listRelation>
            <relation active="#struct-6818" type="direct"/>
            <relation active="#struct-301088" type="indirect"/>
            <relation active="#struct-33804" type="direct"/>
            <relation active="#struct-194495" type="direct"/>
            <relation active="#struct-300284" type="direct"/>
            <relation active="#struct-1327915" type="indirect"/>
            <relation name="UMR5824" active="#struct-441569" type="direct"/>
          </listRelation>
        </org>
        <org type="laboratory" xml:id="struct-176022" status="OLD">
          <orgName>Croyance, Histoire, Espace, Régulation Politique et Administrative</orgName>
          <orgName type="acronym">CHERPA</orgName>
          <date type="end">2021-01-01</date>
          <desc>
            <address>
              <addrLine>Sciences Po Aix - Service Recherche - 25, rue Gaston de Saporta - 13625 Aix-en-Provence cedex 1</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.sciencespo-aix.fr/fr_FR/recherche_presentation.php</ref>
          </desc>
          <listRelation>
            <relation active="#struct-198056" type="direct"/>
            <relation active="#struct-300824" type="direct"/>
          </listRelation>
        </org>
        <org type="institution" xml:id="struct-6818" status="VALID">
          <idno type="IdRef">149154992</idno>
          <idno type="ISNI">0000000123319856</idno>
          <idno type="ROR">https://ror.org/04zmssz18</idno>
          <idno type="Wikidata">Q10159</idno>
          <orgName>École normale supérieure de Lyon</orgName>
          <orgName type="acronym">ENS de Lyon</orgName>
          <date type="start">2010-01-01</date>
          <desc>
            <address>
              <addrLine>15 parvis René Descartes - BP 7000 - 69342 Lyon Cedex 07</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">https://www.ens-lyon.fr/</ref>
          </desc>
          <listRelation>
            <relation active="#struct-301088" type="direct"/>
          </listRelation>
        </org>
        <org type="regroupinstitution" xml:id="struct-301088" status="VALID">
          <idno type="ROR">https://ror.org/01rk35k63</idno>
          <orgName>Université de Lyon</orgName>
          <desc>
            <address>
              <addrLine>92 rue Pasteur - CS 30122, 69361 Lyon Cedex 07</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">https://www.universite-lyon.fr/</ref>
          </desc>
        </org>
        <org type="institution" xml:id="struct-33804" status="VALID">
          <idno type="IdRef">02640334X</idno>
          <idno type="ISNI">0000 0001 2188 0906</idno>
          <idno type="ROR">https://ror.org/03rth4p18</idno>
          <idno type="Wikidata">Q4041</idno>
          <orgName>Université Lumière - Lyon 2</orgName>
          <orgName type="acronym">UL2</orgName>
          <desc>
            <address>
              <addrLine>86, rue Pasteur - 69007 Lyon</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.univ-lyon2.fr</ref>
          </desc>
        </org>
        <org type="institution" xml:id="struct-194495" status="VALID">
          <idno type="IdRef">026402823</idno>
          <idno type="ISNI">0000000121686185</idno>
          <idno type="ROR">https://ror.org/029brtt94</idno>
          <orgName>Université Claude Bernard Lyon 1</orgName>
          <orgName type="acronym">UCBL</orgName>
          <desc>
            <address>
              <addrLine>43, boulevard du 11 novembre 1918, 69622 Villeurbanne cedex</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.univ-lyon1.fr/</ref>
          </desc>
          <listRelation>
            <relation active="#struct-301088" type="direct"/>
          </listRelation>
        </org>
        <org type="institution" xml:id="struct-300284" status="VALID">
          <idno type="IdRef">028209966</idno>
          <idno type="ISNI">0000 0001 2158 1682</idno>
          <idno type="ROR">https://ror.org/04yznqr36</idno>
          <idno type="Wikidata">Q623154</idno>
          <orgName>Université Jean Monnet - Saint-Étienne</orgName>
          <orgName type="acronym">UJM</orgName>
          <date type="start">1969-03-27</date>
          <date type="end">2025-01-01</date>
          <desc>
            <address>
              <addrLine>10, Rue Tréfilerie – CS 8230142023 Saint-Étienne Cedex 2</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">https://www.univ-st-etienne.fr/</ref>
          </desc>
          <listRelation>
            <relation active="#struct-1327915" type="direct"/>
          </listRelation>
        </org>
        <org type="regroupinstitution" xml:id="struct-1327915" status="VALID">
          <idno type="IdRef">285395831</idno>
          <orgName>Université Jean Monnet (EPSCPE)</orgName>
          <orgName type="acronym">UJM EPE</orgName>
          <date type="start">2025-01-01</date>
          <desc>
            <address>
              <addrLine>10 rue Tréfilerie42100 Saint-Etienne</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">https://www.univ-st-etienne.fr/fr/index.html</ref>
          </desc>
        </org>
        <org type="regroupinstitution" xml:id="struct-441569" status="VALID">
          <idno type="IdRef">02636817X</idno>
          <idno type="ISNI">0000000122597504</idno>
          <idno type="ROR">https://ror.org/02feahw73</idno>
          <orgName>Centre National de la Recherche Scientifique</orgName>
          <orgName type="acronym">CNRS</orgName>
          <date type="start">1939-10-19</date>
          <desc>
            <address>
              <country key="FR"/>
            </address>
            <ref type="url">https://www.cnrs.fr/</ref>
          </desc>
        </org>
        <org type="institution" xml:id="struct-198056" status="VALID">
          <idno type="IdRef">15863621X</idno>
          <idno type="ISNI">0000 0001 2176 4817</idno>
          <idno type="ROR">https://ror.org/035xkbk20</idno>
          <orgName>Aix Marseille Université</orgName>
          <orgName type="acronym">AMU</orgName>
          <date type="start">2012-01-01</date>
          <desc>
            <address>
              <addrLine>Aix-Marseille UniversitéJardins du Pharo58 Boulevard Charles Livon13284 Marseille cedex 7</addrLine>
              <country key="FR"/>
            </address>
            <ref type="url">http://www.univ-amu.fr/</ref>
          </desc>
        </org>
        <org type="institution" xml:id="struct-300824" status="VALID">
          <orgName>Institut d'Études Politiques [IEP] - Aix-en-Provence</orgName>
          <desc>
            <address>
              <country key="FR"/>
            </address>
          </desc>
        </org>
      </listOrg>
    </back>
  </text>
</TEI>