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Philip Sauré

Philip Sauré, CESifo guest in May 2014

Secondary Market Theory of Sovereign Debt

The Euro Crisis has stopped the process of European financial integration and triggered a strong repatriation of debt from foreign to domestic investors. Philip Sauré has investigated this empirical pattern in light of competing theories of cross-border portfolio allocation and has identified three empirical regularities:

1) repatriation of debt occurred mainly in crisis countries,
2) repatriation affected mainly public debt, and
3) public debt of crisis countries was reallocated to politically influential countries within the Euro Area.

He sees strong evidence for the secondary market theory of sovereign debt.

During his stay at CESifo, Mr Sauré will present some findings of his research at the Ifo Lunchtime Seminar on May 7. Last year, Mr Sauré contributed a paper on “Fixed Costs Per Shipment” at the CESifo – Delphi Conference on“The Economics of Firm Exporting”.

Mr Sauré has a BA in Mathematics from the University of Heidelberg and an MA and PhD in Economics from the Universitat Pompeu Fabra in Barcelona. After spending two years as a post-doc at the European University Institute in Florence, he has held a position as Economist at the Swiss National Bank, Zurich, since September 2007.