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Sovereign exposures in the Portuguese banking system: evidence from an original dataset

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  • Maria Manuel Campos
  • Ana Rita Mateus

Abstract

We present an original dataset on exposures of banks operating in Portugal to the domestic public sector, and document the main dynamics of those exposures against the broader backdrop of public sector indebtedness and financing needs. Built from granular information, our dataset takes account of both bond holdings and loans, and ensures comprehensive coverage of both the banking system and public sector entities, either classified inside or outside general government. Domestic banks, unlike those mostly owned by foreigners, played a key role in financing public sector entities in the most acute stages of the sovereign debt crisis, when access to international capital markets was virtually lost. We present evidence of this role in the cases of the Treasury and of state-owned enterprises.

Suggested Citation

  • Maria Manuel Campos & Ana Rita Mateus, 2019. "Sovereign exposures in the Portuguese banking system: evidence from an original dataset," Working Papers o201903, Banco de Portugal, Economics and Research Department.
    • Handle: RePEc:ptu:wpaper:o201903
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    File URL: https://www.bportugal.pt/sites/default/files/anexos/papers/op201903.pdf
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    1. Maria Manuel Campos & Ana Rita Mateus, 2019. "Sovereign exposures in the Portuguese banking system: determinants and dynamics," Working Papers w201916, Banco de Portugal, Economics and Research Department.
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    Cited by:

    1. Maria Manuel Campos & Ana Rita Mateus, 2019. "Sovereign exposures in the Portuguese banking system: determinants and dynamics," Working Papers w201916, Banco de Portugal, Economics and Research Department.
    2. Diana Bonfim & Sujiao Zhao & Miguel A. Ferreira, 2021. "Sovereign-Bank Diabolic Loop: The Government Procurement Channel," Working Papers w202109, Banco de Portugal, Economics and Research Department.
    3. Diana Bonfim & Miguel A. Ferreira & Francisco Queiro & Sujiao (Emma) Zhao, 2022. "Fiscal policy and credit supply: The procurement channel," Nova SBE Working Paper Series wp644, Universidade Nova de Lisboa, Nova School of Business and Economics.

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