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Euro sovereign debt crisis: moral suasion in GIPS government bond funds

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  • Cristina Ortiz
  • Gloria Ramírez
  • Luis Vicente

Abstract

This study is the first to test whether moral suasion is the main driver of the increasing home bias in Euro government bond mutual funds after the Euro debt crisis, with a focus on the most financially stressed economies during this period: Greece, Italy, Portugal, and Spain (GIPS). The findings reject the potential spillover effect of this type of financial repression of the previously documented European Union banking sector in GIPS government bond funds. The results reveal that informal pressure by performance-chasing unitholders might act as an effective self-control mechanism in moral suasion channels in the mutual fund industries of fiscally stressed countries.

Suggested Citation

  • Cristina Ortiz & Gloria Ramírez & Luis Vicente, 2025. "Euro sovereign debt crisis: moral suasion in GIPS government bond funds," Applied Economics, Taylor & Francis Journals, vol. 57(59), pages 10488-10503, December.
    • Handle: RePEc:taf:applec:v:57:y:2025:i:59:p:10488-10503
    DOI: 10.1080/00036846.2024.2431749
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