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Self-Fulfilling Crises in the Eurozone : An Empirical Test
De Grauwe, Paul - 2013
We test the hypothesis that the government bond markets in the Eurozone are more fragile and more susceptible to self … countries in the Eurozone during 2010-11 was disconnected from underlying increases in the debt to GDP ratios and fiscal space … argue that this can drive member countries of the Eurozone into bad equilibria. We also find evidence that after years of …
Persistent link: https://www.econbiz.de/10013090949
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The European Central Bank : Lender of Last Resort in the Government Bond Markets?
De Grauwe, Paul - 2013
The sovereign debt crisis has made it clear that central banking is more than keeping inflation low. Central banks are also responsible for financial stability. An essential tool in maintaining financial stability is provided by the capacity of the central bank to be the lender of last resort in...
Persistent link: https://www.econbiz.de/10013092424
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A Fragile Eurozone in Search of a Better Governance
De Grauwe, Paul - 2013
self-fulfilling multiple equilibria arise.I analyze the implications of this fragility for the governance of the Eurozone …
Persistent link: https://www.econbiz.de/10013092900
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Fiscal Spillovers in the Euro Area
Caporale, Guglielmo Maria - 2012
This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period...
Persistent link: https://www.econbiz.de/10013112600
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Quantitative Easing in the Euro Area - An Event Study Approach
Urbschat, Florian - 2017
We examine the effects of the Asset Purchase Programme (APP) gradually introduced by the European Central Bank from September 2014 onwards. Studying the short-term reaction of financial markets after APP press releases, we analyse the development of bond yields and spreads around these releases....
Persistent link: https://www.econbiz.de/10012942366
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Macro News and Bond Yield Spreads in the Euro Area
Caporale, Guglielmo Maria - 2014
This paper analyses the effects of newspaper coverage of macro news on the spread between the yield on the 10-year German Bund and on sovereign bonds in eight countries belonging to the euro area (Belgium, France, Greece, Ireland, Italy, the Netherlands, Portugal and Spain) using daily data for...
Persistent link: https://www.econbiz.de/10013045338
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ECB Interventions in Distressed Sovereign Debt Markets : The Case of Greek Bonds
Trebesch, Christoph - 2014
This paper analyses the determinants and effects of ECB interventions in times of severe distress. We focus on the Greek government bond market in mid-2010 and use a unique new dataset to show, for the first time, what type of bonds the ECB bought. We then explore the short-term effects of ECB...
Persistent link: https://www.econbiz.de/10013065438
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ECB Interventions in Distressed Sovereign Debt Markets : The Case of Greek Bonds
Trebesch, Christoph - 2018
We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB purchases of Greek sovereign debt. ECB bond buying had a large impact on the price of short and medium maturity bonds, resulting in a remarkable “twist” of the Greek yield...
Persistent link: https://www.econbiz.de/10012938010
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Foreign-Law Bonds : Can They Reduce Sovereign Borrowing Costs?
Chamon, Marcos - 2018
Governments often issue bonds in foreign jurisdictions, which can provide additional legal protection vis-à-vis domestic bonds. This paper studies the effect of this jurisdiction choice on bond prices. We test whether foreign-law bonds trade at a premium compared to domestic-law bonds. We use...
Persistent link: https://www.econbiz.de/10012912664
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The Positive Border Effect of EU Integration
Brakman, Steven - 2011
Distance related variables typically vary in a cross-section dimension but less so in a time dimension across cities, regions, or countries. The enlargement of the EU or the introduction of the euro, however, can be looked upon as integration shocks that are informative of the consequences of...
Persistent link: https://www.econbiz.de/10013130414