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The immediate effect of monetary union on EU-15 sovereign debt yield spreads

[Zeitschriftenartikel]

Gómez-Puig, Marta

Zitationshinweis

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-242708

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Abstract Yield spreads (corrected for exchange rate risk) over 10-year German securities of European Union countries that did not join EMU experienced an average decrease of 14.20 basis points during the first three years after the beginning of Currency Union. Conversely, Euro-area countries’ adjusted spreads registered an average rise of 11.98 basis points in the same period. This paper examines the elements (a possible change in the relative importance of domestic or international risk factors) behind these results using both panel estimations in the two groups of countries and a country-by-country specification in each of them.
Thesaurusschlagwörter EU
Klassifikation Europapolitik; Volkswirtschaftslehre; Wirtschaftspolitik
Freie Schlagwörter Monetary integration; sovereign securities markets; international and domestic credit risk; market liquidity; Europäische Wirtschafts- und Währungsunion; Öffentliche Schulden; Zinsstruktur
Publikationsjahr 2009
Seitenangabe S. 929-939
Zeitschriftentitel Applied Economics, 41 (2009) 7
DOI http://dx.doi.org/10.1080/00036840802345584
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)
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