Körner, Finn Marten - 2016
in the European Monetary Union (EMU). They are believed to have under-rated sovereign risk in the early years of EMU … crisis by over-rating the lack of (individual) monetary sovereignty that EMU entails for its member states. Yet, there is …. Using a newly compiled dataset of quarterly sovereign bond ratings from 1990 until 2012, we find some evidence that EMU …