This paper focuses on the joint dynamics of yield spreads derived from government bonds issued by member states of the European Monetary Union (EMU). A descriptive analysis shows that there are substantial and volatile spreads between zero coupon yields of EMU member countries and German Bund...

This paper focuses on the dynamics of yield spreads deducted from government bonds issued by member states of the European Monetary Union (EMU). A descriptive analysis shows that there is a substantial and volatile spread between government zero coupon yields of EMU member countries and German...

This paper focuses on the joint dynamics of yield spreads derived from government bonds issued by member states of the European Monetary Union (EMU). A descriptive analysis shows that there are substantial and volatile spreads between zero coupon yields of EMU member countries and German Bund...