Bordon, Ingo G.; Schmid, Kai D.; Schmidt, Michael - 2014 - This Version: July 2014
This paper qualifies the view of pronounced overpricing of sovereign bonds for the so-called GIIPS countries during the … the Maastricht treaty, the EMU convergence era, and the financial crisis. In detail, we find: (i) Since the 1980s the role … treaty, and again with the wake-up call due to the onset of the financial crisis. (ii) Before the financial crisis EMU member …