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Sub-national credit risk and sovereign bailouts : who pays the premium?
Jenkner, Eva; Lu, Zhongjin - 2014
Persistent link: https://www.econbiz.de/10010389567
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Sovereign risk premiums in the European Government bond market
Bernoth, Kerstin; Hagen, Jürgen von; Schuknecht, Ludger - 2006
This paper provides a study of bond yield differentials among EU government bonds issued between 1993 and 2005 on the basis of a unique dataset of issue spreads in the US and DM (Euro) bond market. Interest differentials between bonds issued by EU countries and Germany or the USA contain risk...
Persistent link: https://www.econbiz.de/10010365887
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Functionality of fiscal rules in a low interest rate environment : new empirical results for Swiss cantons
Weber, Philipp; Zell, Laura A.; Feld, Lars P.; … - 2024
The zero lower bound era introduced a new perspective on the functionality of fiscal rules. With such low interest rates, the argument goes, extending debt financed public investment spending would be reasonable and thus existing fiscal rules too restrictive. Using data of Swiss cantonal public...
Persistent link: https://www.econbiz.de/10015070087
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Government risk premiums in the bond market: EMU and Canada
Schuknecht, Ludger; von Hagen, Jürgen; Wolswijk, Guido - 2008
, Spain, and Canada. With regard to the European governments, we are interested in how these premiums were affected by the … at work in European government bond markets supports the notion that the no-bailout clause in the EU Treaty is credible. …
Persistent link: https://www.econbiz.de/10011604925
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Government bond risk premiums in the EU revisited : the impact of the financial crisis
Schuknecht, Ludger; Hagen, Jürgen von; Wolswijk, Guido … - 2010
This note looks at US$ and DM/Euro denominated government bond spreads relative to US and German benchmark bonds before and after the start of the current financial crisis. The study finds, first, that bond yield spreads before and during the crisis can largely be explained on the basis of...
Persistent link: https://www.econbiz.de/10003970438
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Government Bond Risk Premiums in the EU Revisited : The Impact of the Financial Crisis
Schuknecht, Ludger - 2010
This note looks at US$ and DM/Euro denominated government bond spreads relative to US and German benchmark bonds before and after the start of the current financial crisis. The study finds, first, that bond yield spreads before and during the crisis can largely be explained on the basis of...
Persistent link: https://www.econbiz.de/10013148704
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Government bond risk premiums in the EU revisited: the impact of the financial crisis
Schuknecht, Ludger; von Hagen, Jürgen; Wolswijk, Guido - 2010
This note looks at US$ and DM/Euro denominated government bond spreads relative to US and German benchmark bonds before and after the start of the current financial crisis. The study finds, first, that bond yield spreads before and during the crisis can largely be explained on the basis of...
Persistent link: https://www.econbiz.de/10011605198
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Sovereign bond market reactions to fiscal rules and no-bailout clauses : the Swiss experience ; conference paper
Feld, Lars P.; Kalb, Alexander; Moessinger, Marc-Daniel; … - 2013 - This version: March 2013
contribute significantly to lower cantonal bond spreads. Second, we study the impact of a credible no-bailout regime on the risk … backing municipalities in financial distress, thus leading to a fully credible no-bailout regime. Our results show that this … fully credible no-bailout commitment can entail high costs for the potential guarantor. …
Persistent link: https://www.econbiz.de/10010340959
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Government Risk Premiums in the Bond Market: EMU and Canada
Schuknecht, Ludger; von Hagen, Jürgen; Wolswijk, Guido - C.E.P.R. Discussion Papers - 2007
, Spain, and Canada. With regard to the European governments, we are interested in how these premiums were affected by the … at work in European government bond markets supports the notion that the no-bailout clause in the EU Treaty is credible. …
Persistent link: https://www.econbiz.de/10005067641
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Bank use of sovereign CDS in the eurozone crisis : hedging and risk incentives
Acharya, Viral V.; Gündüz, Yalın; Johnson, Tim - 2018
Using a comprehensive dataset from German banks, we document the usage of sovereign credit default swaps (CDS) during the European sovereign debt crisis of 2008-2013. Banks used the sovereign CDS market to extend, rather than hedge, their long exposures to sovereign risk during this period....
Persistent link: https://www.econbiz.de/10011888333