The effect of political communication on European financial markets during the sovereign debt crisis

Christian Conrad and Klaus Ulrich Zumbach

We quantify all statements by major European politicians reported by Reuters during the August 2011 to December 2011 period and show that political communication significantly affects European stock and bond markets as well as the EUR-USD exchange rate. Communication with respect to Italy induces the strongest market reactions. Financial markets consider the German bondmarket a safe haven.

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Year of publication:	November 29, 2012
Authors:	Conrad, Christian ; Zumbach, Klaus Ulrich
Publisher:	Heidelberg : Univ., Dep. of Economics Heidelberg : Universitätsbibliothek der Universität Heidelberg
Subject:	EU-Staaten \| EU countries \| Schuldenkrise \| Debt crisis \| Eurozone \| Euro area \| Finanzkrise \| Financial crisis

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Extent:	1 Online-Ressource (circa 11 Seiten)
Series:	Discussion paper series / University of Heidelberg, Department of Economics. - Heidelberg : [Verlag nicht ermittelbar], ZDB-ID 2217357-2. - Vol. no. 536
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/127350 [Handle]
Classification:	E43 - Determination of Interest Rates; Term Structure Interest Rates ; E62 - Fiscal Policy; Public Expenditures, Investment, and Finance; Taxation ; G01 - Financial Crises ; G12 - Asset Pricing ; C20 - Econometric Methods: Single Equation Models. General
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009679094