daily sovereign bond market movements of up to 74 developed and emerging countries between 1994 and 2011. On the basis of an …

politicians and voters. In our analysis of European bond spreads, we shed light on this issue by employing several types of …

for their sovereign bond emissions. For this purpose we make use of financial market data from 288 tradable cantonal bonds … contribute significantly to lower cantonal bond spreads. Second, we study the impact of a credible no-bailout regime on the risk …