spreads, we use government bond yield data which provide a longer data history. We show that for the more recent sample period … 2008--2015, joint default probabilities based on CDS and bond yield data yield similar results. For the period 1987 …-2008, only the bond yield data can be used to shed light on European sovereign systemic stress. We also show that simple averages …

In this paper we try to uncover the determinants of the 10-year Greek bond yield in both pre- and post-crisis period … more significant role as determinants of the 10-year Greek bond yield during the crisis than had before and second, during … speculation on the yield. These results are in line with other empirical studies and shed line to the motion of bond yield in an …

, cumulatively, due to low bond yields since the onset of the Euro crisis. In order to determine the contribution of the "flight to … quality" to this sum, we define the flight to quality as a factor which has caused German bond yields and crisis country bond …