Im Zuge der Corona Krise werden europäische Gemeinschaftsanleihen zur Unterstützung von besonders betroffenen Mitgliedsländern intensiv diskutiert. Die Autoren zeigen, dass Gemeinschaftsanleihen europäischer Staaten keine Neuigkeit wären. Seit den 1970er Jahren hat die Europäische...

The history of joint European bond issuance has been largely forgotten. The authors show that bonds issued and guaranteed jointly by European states are not a novel instrument, but have repeatedly been issued since the 1970s. The issuance of one-off "Coronabonds", as currently proposed, would...

Im Zuge der Corona Krise werden europäische Gemeinschaftsanleihen zur Unterstützung von besonders betroffenen Mitgliedsländern intensiv diskutiert. Die Autoren zeigen, dass Gemeinschaftsanleihen europäischer Staaten keine Neuigkeit wären. Seit den 1970er Jahren hat die Europäische...

The history of joint European bond issuance has been largely forgotten. The authors show that bonds issued and guaranteed jointly by European states are not a novel instrument, but have repeatedly been issued since the 1970s. The issuance of one-off "Coronabonds", as currently proposed, would...

In late 2011 the twin sovereign and bank crises worsened substantially. The very existence of the euro was getting jeopardized by both a creeping fragmentation of the European financial system and by a recession in Southern Europe dragging down the whole EMU. In this paper, we show why there was...

Both financial and non-financial firms routinely implement hedging policies to mitigate their exposure to changes in asset prices. For a bond portfolio holder, hedging is usually accomplished using futures contracts. In Greece the Greek government regularly issues bonds of varying maturities,...

AbstractThe following sections are included:IntroductionThe Retail MarketsThe Electronic MarketsThe Clearing and Settlement SystemPost trading costsThe current market infrastructureThe Role of CustodiansThe Central Securities DepositoriesGlossaryReferences

AbstractThe following sections are included:The Covered Bond MarketIntroductionBasic featuresMarket evolutionPrimary marketSecondary marketCovered bonds in the sovereign debt crisisInflation-Linked BondsIntroductionThe developmentThe role of ILBsILBs and monetary policyPortfolio selection with...