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Why has Japan’s Massive Government Debt Not Wreaked Havoc (Yet)?
Horioka, Charles Yuji; Nomoto, Takaaki; … - School of Economics, University of the Philippines at … - 2013
In this paper, we present data on trends over time in government debt financing in Japan since 2010 with emphasis on the importance of foreign holders and speculate about the determinants of those trends. We find that Japanese government securities were held primarily by domestic holders until...
Persistent link: https://www.econbiz.de/10010856151
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Asymmetric Correlation of Sovereign Bond Yield Dynamics in the Eurozone
Dajcman, Silvo - In: Panoeconomicus 60 (2013) 6, pp. 775-789
This paper examines the symmetry of correlation of sovereign bond yield dynamics between eight Eurozone countries … identifies time periods when the correlation of Eurozone sovereign bond yield dynamics became asymmetric. We identified seven … Eurozone debt crisis for most of the pair-wise observed sovereign bond markets but has become much less symmetric since then. …
Persistent link: https://www.econbiz.de/10010857996
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The wonder-clause
Gelpern, Anna; Gulati, Mitu - In: Journal of Comparative Economics 41 (2013) 2, pp. 367-385
The Greek debt crisis prompted EU officials to embark on a radical reconstruction of the European sovereign debt markets. Prominently featured in this reconstruction was a set of contract provisions called Collective Action Clauses, or CACs. CACs are supposed to help governments and private...
Persistent link: https://www.econbiz.de/10010666148
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Eurozone sovereign contagion: Evidence from the CDS market (2005–2010)
Kalbaska, A.; Gątkowski, M. - In: Journal of Economic Behavior & Organization 83 (2012) 3, pp. 657-673
the Eurozone. The adjusted correlation analysis confirms that Greece and other PIIGS (even Spain and Italy) have lower …
Persistent link: https://www.econbiz.de/10011048091
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The Impact of News and the SMP on Realized (Co)Variances in the Eurozone Sovereign Debt Market
Beetsma, Roel; de Jong, Frank; Giuliodori, Massimo; … - C.E.P.R. Discussion Papers - 2014
We use realized variances and covariances based on intraday data from Eurozone sovereign bond market to measure the … dependence structure of eurozone sovereign yields. Our analysis focuses on the impact of news, obtained from the Eurointelligence … and decreases the covariance of distressed countries' yields with German bond yields, suggesting a flight …
Persistent link: https://www.econbiz.de/10011084398
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The Role of the Basle Standards in International Banking Supervision
Alexander, Kern - ESRC Centre for Business Research - 2000
This paper analyses the emerging international supervisory regime for banking institutions that operate on a transnational basis. It focuses on the basle framework as an institutional regime of norms and principles that govern international financial relations amongst the g10 countries. This...
Persistent link: https://www.econbiz.de/10005813011
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The Role of Soft Law in the Legalization of International Banking Supervision: A Conceptual Approach
Alexander, Kern - ESRC Centre for Business Research - 2000
The process of legalization and the role of international soft law in developing international banking supervisory standards are extremely important for assessing the feasibility of establishing effective international rules for banking supervision. This paper analyses the concept of...
Persistent link: https://www.econbiz.de/10005688022
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Public Power and Private Purpose : Odious Debt and the Political Economy of Hegemony
Pérez, Louis A. - 2007
influence and power mediated through the use of bank loans as instruments of foreign policy. The article suggests the market …
Persistent link: https://www.econbiz.de/10012777229
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The Evolutionary Chain of International Financial Centers
Fratianni, Michele U. - 2014
Financial products are unstandardized and subject to a great deal of uncertainty. They tend to concentrate geographically because of the reduction in information costs resulting from close contacts. Concentration leads to economies of scale and encourages external economies. Great financial...
Persistent link: https://www.econbiz.de/10012709356
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Bank sovereign bond holdings, sovereign shock spillovers, and moral hazard during the European crisis
Beltratti, Andrea; Stulz, René M. - National Bureau of Economic Research (NBER) - 2015
From 2010 to 2012, the relation between bank stock returns from European Union (EU) countries and the returns on …
Persistent link: https://www.econbiz.de/10011276429