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Is the ‘Euro Bond’ the Answer to the Euro Sovereign Debt Crisis? What Outcome Can Investors Expect Out of Europe?

Matziorinis, Kenneth N. - 2012

This paper analyzes the causes of the sovereign debt crisis in the eurozone and examines the policy alternatives …

Persistent link: https://www.econbiz.de/10013111171

Sovereign contagion in Europe : evidence from the CDS market

Manasse, Paolo; Zavalloni, Luca - 2013

This paper addresses the following questions. Is there evidence of financial contagion in the Eurozone? To what extent … matter concerning the Euro Zone. Second, differences in vulnerability to contagion within the Eurozone are even more … remarkable: the core Eurozone members become less vulnerable to EUZ contagion, possibly due to a safe-heaven effect, while …

Persistent link: https://www.econbiz.de/10011731038

Europe needs more than a Capital Markets Union : focus on the integration of euro area sovereign debt markets

Breitenfellner, Andreas; Schuberth, Helene - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 9-20

With a view to establishing a Capital Markets Union (CMU), efforts to integrate (private) capital markets and private risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial potential threat to sovereign bond market stability in the...

Persistent link: https://www.econbiz.de/10012051172

Drivers of European public debt management

Wolswijk, Guido Franciscus Theodorus - 2020

This study analyses the choice of government debt managers in the euro area between issuing short-term or long-term debt over the period 1992-2017. Debt managers increased short-term debt issuance in response to higher interest rate spreads and to rising government debt, notably in vulnerable,...

Persistent link: https://www.econbiz.de/10012241253

A journey in the history of sovereign defaults on domestic-law public debt

Erce, Aitor; Mallucci, Enrico; Picarelli, Mattia - 2022

We introduce a novel database on sovereign defaults that involve public debt instruments governed by domestic law. By systematically reviewing a large number of sources, we identify 134 default and restructuring events of domestic debt instruments, in 52 countries from 1980 to 2018. Domestic-law...

Persistent link: https://www.econbiz.de/10014079591

Sovereign Debt

Martinez, Leonardo; Roch, Francisco; Roldán, Francisco; … - 2022

This paper surveys the literature on sovereign debt from the perspective of understanding how sovereign debt differs from privately issue debt, and why sovereign debt is deemed safe in some countries but risky in others. The answers relate to the unique power of the sovereign. One the one hand,...

Persistent link: https://www.econbiz.de/10014081238

Sovereign Tail Risk

López-Espinosa, Germán - 2014

We provide a new measure of sovereign country risk exposure to global sovereign tail risk (SCRE) based on information incorporated in 5-year sovereign CDS spreads. Our panel regressions with quarterly data from 53 countries show that macro risks have strong explanatory power for SCRE. After...

Persistent link: https://www.econbiz.de/10013050575

Sovereign Debt : Now What?

Gelpern, Anna - 2016

The sovereign debt restructuring regime looks like it is coming apart. Changing patterns of capital flows, old creditors' weakening commitment to past practices, and other stakeholders' inability to take over, or coalesce behind a viable alternative, have challenged the regime from the moment it...

Persistent link: https://www.econbiz.de/10012985499

A Journey in the History of Sovereign Defaults on Domestic-Law Public Debt

Erce, Aitor; Mallucci, Enrico; Picarelli, Mattia - 2022

Persistent link: https://www.econbiz.de/10013293224

Funding behaviour of debt management offices and the ECB's Public Sector Purchase Programme

Plessen-Mátyás, Katharina; Kaufmann, Christoph; … - 2021

This paper investigates whether the funding behaviour of euro area debt management offices (DMOs) changed with the start of the ECB's Public Sector Purchase Programme (PSPP). Our results show that (i) lower yield levels and (ii) PSPP purchases supported higher maturities at issuance. The former...

Persistent link: https://www.econbiz.de/10012518265