Pagano, Marco; Thadden, Ernst-Ludwig von - Centro Studi di Economia e Finanza (CSEF) - 2004
In this paper, we document how in the wake of monetary unification the markets for Euro-area sovereign and private …-sector bonds have become increasingly integrated. Issuers and investors alike have come to regard the Euro-area bond market as a … EMU. The persistence of small and variable yield differentials for sovereign debt under EMU indicates that Euro-area bonds …