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Performance-sensitive government bonds : a new proposal for sustainable sovereign debt management

Bank, Matthias; Kupfer, Alexander; Sendlhofer, Rupert - 2011

Persistent link: https://www.econbiz.de/10009542469

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

Sovereign spreads in the Eurozone : is market discipline working?

Zuccardi, Igor Esteban - 2015

This paper studies the behavior of sovereign spreads of countries in the European Monetary Union (EMU) and their apparent disconnection with country-specific fundamentals before the 2008- 2013 debt crisis. We test three characteristics of spreads: i) a change in the level of spreads, ii) a weak...

Persistent link: https://www.econbiz.de/10011389638

A more effective euro area monetary policy than OMTs : gold-backed sovereign debt

Belke, Ansgar - 2013

This paper argues that using gold as collateral for highly distressed bonds would bring great benefits to the euro area in terms of reduced financing costs and bridge-financing. It is mindful of the legal issues that this will raise and that such a suggestion will be highly controversial....

Persistent link: https://www.econbiz.de/10009771146

A more effective euro area monetary policy than OMTs : gold-backed sovereign debt

Belke, Ansgar - 2013

Persistent link: https://www.econbiz.de/10010255196

Euro Crisis : From the Sovereigns to the Banks and Back to the Sovereigns

Gurdgiev, Constantin - 2011

The global financial crisis of 2007-2009 crystallized the underlying imbalances that are currently acting to tear apart the Euro area monetary and fiscal systems by focusing markets and public attention on the core cause of the overall Euro crisis, the insolvency of the Euro area member-states...

Persistent link: https://www.econbiz.de/10013122727

Saving Imbalances and the Euro Area Sovereign Debt Crisis

Higgins, Matthew - 2011

For several years prior to 2010, countries in the euro area periphery engaged in heavy borrowing from foreign private investors, allowing domestic spending to outpace incomes. Now these countries face debt crises reflecting a loss of investor confidence in the sustainability of their finances....

Persistent link: https://www.econbiz.de/10013120693

Transmission of Sovereign Risk in the Euro Crisis

Brutti, Filippo - 2013

We assess the role of financial linkages in the transmission of sovereign risk in the Euro Crisis. Building on the narrative approach by Romer and Romer (1989), we use financial news to identify structural shocks in a vector autoregressive model of daily sovereign CDS premia for eleven European...

Persistent link: https://www.econbiz.de/10013091155

EMU Sovereign Debt Market Crisis : Fundamentals-Based or Pure Contagion?

Gómez-Puig, Marta - 2014

We empirically investigate whether the transmission of the recent crisis in euro area sovereign debt markets was due to fundamentals-based or pure contagion. To do so, we examine the behaviour of EMU sovereign bond yield spreads with respect to the German bund for a sample of both central and...

Persistent link: https://www.econbiz.de/10013054304

Causality and Contagion in EMU Sovereign Debt Markets

Gómez-Puig, Marta - 2014

This paper contributes to the literature by applying the Granger-causality approach and endogenous breakpoint test to offer an operational definition of contagion to examine European Economic and Monetary Union (EMU) countries public debt behaviour. A database of yields on 10-year government...

Persistent link: https://www.econbiz.de/10013057489