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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
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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
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The rise of bond financing in Europe
Darmouni, Olivier; Papoutsi, Melina - 2022
The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry of many smaller...
Persistent link: https://www.econbiz.de/10013198743
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Sovereign Default, Domestic Banks, and Financial Institutions
Gennaioli, Nicola - 2013
We present a model of sovereign debt in which, contrary to conventional wisdom, government defaults are costly because they destroy the balance sheets of domestic banks. In our model, better financial institutions allow banks to be more leveraged, thereby making them more vulnerable to sovereign...
Persistent link: https://www.econbiz.de/10013091362
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The financial economics of sovereign asset value : functional perspectives and market outcomes ; conference paper
Posch, Peter N.; Bowden, Roger J.; Kalteier, Eva-Maria - 2014
The asset value of government has traditionally been seen as the accounting value of public assets. We develop a detailed financial economics view on sovereign asset values using market measures to arrive at implied sovereign asset values. We establish definition and dependencies within the...
Persistent link: https://www.econbiz.de/10010486036
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Leitzinssenkung auf historischem Allzeittief: Welche Folgen hat die Niedrigzinspolitik der EZB?
Schubert, Michael; Watzka, Sebastian; Hinze, Jörg; … - In: Ifo Schnelldienst 65 (2012) 16, pp. 3-19
gerechtfertigt. In der Eurozone werde vielmehr über Deflationsrisiken und die Notwendigkeit von neuen Wachstumsprogrammen bzw …
Persistent link: https://www.econbiz.de/10010877404
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Leitzinssenkung auf historischem Allzeittief: Welche Folgen hat die Niedrigzinspolitik der EZB?
Schubert, Michael; Watzka, Sebastian; Hinze, Jörg; … - In: ifo Schnelldienst 65 (2012) 16, pp. 3-19
gerechtfertigt. In der Eurozone werde vielmehr über Deflationsrisiken und die Notwendigkeit von neuen Wachstumsprogrammen bzw …
Persistent link: https://www.econbiz.de/10011693385
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Essays on monetary policy, safe assets, and the repo market
Bechtel, Alexander - 2021
Persistent link: https://www.econbiz.de/10012647998
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Underpricing in the euro area bond market : New evidence from post-crisis regulation and quantitative easing
Rischen, Tobias; Theissen, Erik - In: Journal of financial intermediation 46 (2021), pp. 1-16
Persistent link: https://www.econbiz.de/10012818035
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Collateral, liquidity and debt sustainability : conference paper
Niemann, Stefan; Pichler, Paul - 2014
We study the sustainability of public debt in a closed production economy where a benevolent government chooses fiscal policies, including haircuts on its outstanding debt, in a discretionary manner. Government bonds are held by domestic agents to smooth consumption over time and because they...
Persistent link: https://www.econbiz.de/10010491142