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Studies have shown that markets may underprice sub-national governments’ risk on the implicit assumption that these … a simultaneous increase in sovereign risk premia and decrease in sub-national risk premia–or a de facto transfer of risk … its autonomous regions from January 2010 to June 2013, we find support for our risk transfer hypothesis. We estimate that …
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managers, investors, and regulators interested in assessing the impact of interest rate risk at the sector level for hedging …, portfolio management, or risk assessment purposes. Originality/value – This is the first paper which tackles the analysis of the …Purpose – This paper aims to carry out a comprehensive analysis of the influence of interest rate risk on Spanish firms …
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The creation of EMU raises the question whether the common monetary policy has the same impact in all member countries. We analyse the convergence of interest rates in four major EMU countries from 1999 to 2007. We suggest to test the convergence of the interest rates with the full term...
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This paper provides a conceptual framework to analyze the main economic issues raised by Spain's integration into the EEC and by the vast economic reforms associated with the 1992 European Internal Market. The "EEC cum 1992" event can be described as a major anticipated permanent shock with both...
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