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Government bonds and their investors : what are the facts and do they matter?

Andritzky, Jochen R. - 2012

This paper introduces a new dataset on the composition of the investor base for government securities in the G20 advanced economies and the euro area. During the last decades, investors from abroad have increased their presence in government bond markets. The financial crisis broke this trend....

Persistent link: https://www.econbiz.de/10009618531

Numerical fiscal rules for economic unions : the role of sovereign spreads

Hatchondo, Juan Carlos; Martinez, Leonardo; Roch, Francisco - 2021

We study gains from introducing a common numerical fiscal rule in a "Union" of model economies facing sovereign default risk. We show that among economies in the Union, there is significant disagreement about the common debt limit the Union should implement: the limit preferred by some economies...

Persistent link: https://www.econbiz.de/10012605545

International capital flows at the security level : evidence from the ECB's Asset Purchase Programme

Bergant, Katharina; Fidora, Michael; Schmitz, Martin - 2020

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced away from securities targeted under the Public Sector...

Persistent link: https://www.econbiz.de/10012251289

This changes everything : climate shocks and sovereign bonds

Cevik, Serhan; Jalles, João Tovar - 2020

Climate change is already a systemic risk to the global economy. While there is a large body of literature documenting potential economic consequences, there is scarce research on the link between climate change and sovereign risk. This paper therefore investigates the impact of climate change...

Persistent link: https://www.econbiz.de/10012251897

The Eurozone Crisis : How Banks and Sovereigns Came to Be Joined At the Hip

Sandri, Damiano - 2011

tensions within the eurozone. This process evolved through three stages. Following the onset of the Subprime crisis in July …

Persistent link: https://www.econbiz.de/10014397492

Euro Area Sovereign Risk During the Crisis

Zoli, Edda - 2009

While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign...

Persistent link: https://www.econbiz.de/10014402235

Government Bonds and their Investors : What Are the Facts and Do they Matter?

Andritzky, Jochen R. - 2012

Persistent link: https://www.econbiz.de/10014396395

Reducing risk while sharing it : a fiscal recipe for the EU at the time of COVID-19

Batini, Nicoletta; Lamperti, Francesco; Roventini, Andrea - 2020

The COVID-19 lockdowns have brought about the need of large fiscal responses in all European countries. However … integration in the presence of moral hazard. We show that any EU response strategy to the COVID-19 crisis excluding mutual … and both are needed. Proposed arrangements at the EU level in response to the COVID-19 shock seem to reflect these basic …

Persistent link: https://www.econbiz.de/10012302037

The eurozone crisis : how banks and sovereigns came to be joined at the hip

Mody, Ashoka; Sandri, Damiano - 2011

Persistent link: https://www.econbiz.de/10009419618

German bond yields and debt supply : is there a "bund premium"?

Paret, Anne-Charlotte; Weber, Anke - 2019

Are Bunds special? This paper estimates the 'Bund premium' as the difference in convenience yields between other sovereign safe assets and German government bonds adjusted for sovereign credit risk, liquidity and swap market frictions. A higher premium suggests less substitutability of sovereign...

Persistent link: https://www.econbiz.de/10012154614

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