German Bond Yields And Debt Supply Is There A Bund Premium
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German Bond Yields And Debt Supply Is There A Bund Premium
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Author : Anne-Charlotte Paret
language : en
Publisher: International Monetary Fund
Release Date : 2019-11-01
German Bond Yields And Debt Supply Is There A Bund Premium written by Anne-Charlotte Paret and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-11-01 with Business & Economics categories.
Are Bunds special? This paper estimates the “Bund premium” as the difference in convenience yields between other sovereign safe assets and German government bonds adjusted for sovereign credit risk, liquidity and swap market frictions. A higher premium suggests less substitutability of sovereign bonds. We document a rise in the “Bund premium” in the post-crisis period. We show that there is a negative relationship of the premium with the relative supply of German sovereign bonds, which is more pronounced for higher maturities and when risk aversion proxied by bond market volatility is high. Going forward, we expect German government debt supply to remain scarce, with important implications for the ECB’s monetary policy strategy.
Euro Area Policies
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Author : International Monetary Fund. European Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2019-07-11
Euro Area Policies written by International Monetary Fund. European Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-07-11 with Business & Economics categories.
After a sharp slowdown starting in 2018, euro area growth is expected to recover over the course of 2019. However, mounting downside risks from global trade tensions, a no-deal Brexit, and market concerns about countries with high public debt emphasize the precarious nature of the forecast. Even in the absence of a major shock, there is a danger that the area could enter a prolonged period of anemic growth and inflation. Policies should focus on supporting growth while also reducing vulnerabilities.
The European Sovereign Debt Crisis
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Author : Phoebus L. Athanassiou
language : en
Publisher: Routledge
Release Date : 2021-08-23
The European Sovereign Debt Crisis written by Phoebus L. Athanassiou and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-23 with Law categories.
The European Sovereign Debt Crisis: Breaking the Vicious Circle between Sovereigns and Banks explains why the euro area’s progress towards reining in the risks arising from the well-documented bi-directional financial contagion transmission mechanism that links sovereigns to commercial banks has been more prominent compared to the channel of contagion moving from banks to sovereigns. Providing an analysis of the legal and regulatory measures that Europe and the euro area have taken to mitigate the exposure of sovereigns to financial crises generated by commercial banks, this book draws attention to areas where improvements to the arsenal of tools hitherto introduced are either desirable or necessary. Chapters further explain – with recourse to economic and legal arguments – why the channel of contagion moving from sovereigns to commercial banks has proven harder to close, and explores ways in which progress could be made in the direction of closing it so as to avert the risk of future banking sector crises. This work provides essential reading for students, researchers and practitioners with an interest in sovereign debt crises and the euro-area banking system.
Italy And Germany Incompatible Varieties Of Europe
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Author : Ton Notermans
language : en
Publisher: Routledge
Release Date : 2022-04-27
Italy And Germany Incompatible Varieties Of Europe written by Ton Notermans and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-27 with Political Science categories.
Can Italy and Germany thrive within the confines of the common currency, or do they display two fundamentally incompatible models? This book examines this question by means of detailed comparisons in the fields of labour market policies, welfare provisions and financial and economic management, since the onset of the financial crisis and through the euro and COVID-19 crises. The rapid succession of the financial crisis, the Eurozone crisis and COVID-19 have again brought to the fore questions that have beset European integration since its inception; does the EU promote convergence or divergence? Have these crises served to reveal pre-existing politico-economic incompatibilities or were these incompatibilities created by the euro and the measures propounded by the Economic and Monetary Union (EMU)? Should EMU recipes be followed, or should they be fundamentally revised in an effort to come good on the convergence promises underpinning the European project? And, lastly, is the COVID-19 crisis likely to mitigate or exacerbate these problems? These questions are addressed in this volume by means of a tight comparison between Germany and Italy, two countries that have displayed strikingly divergent trajectories but also share many more politico-economic traits than the conventional wisdom would allow for. By exploring in detail how the main elements of the euro and EMU management have played out, the volume highlights the externalities that becoming part of a currency union has created and that strengthened the economic success of one while consolidating the decline of the other and analyses the likely impact of the measures introduced to fight the economic consequences of the COVID-19 pandemic. The chapters in this book were originally published as a special issue of the journal, German Politics.
Denmark Selected Issues
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Author : International Monetary
language : en
Publisher: International Monetary Fund
Release Date : 2022-06-16
Denmark Selected Issues written by International Monetary and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-06-16 with Business & Economics categories.
Denmark: Selected Issues
International Financing Review
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Author :
language : en
Publisher:
Release Date : 1995
International Financing Review written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Banks and banking, International categories.
The Incredible Upside Down Fixed Income Market Negative Interest Rates And Their Implications
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Author : Vineer Bhansali
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2021
The Incredible Upside Down Fixed Income Market Negative Interest Rates And Their Implications written by Vineer Bhansali and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021 with Business & Economics categories.
In recorded financial history, there are almost no occasions, other than the present, where a significant portion of the global bond markets has been trading at negative nominal yields. Is this an anomaly or what will be the normal state of the financial markets in years to come? This monograph investigates the ongoing debate between the pros and cons of negative nominal yields and the economic rationale(s) that are used to justify or criticize underlying policies. Even in academic circles, few agree on the costs and benefits of negative yields. Surveying the global bond markets of the day, I find the impact of negative yields in almost all regions and sectors, though sovereign bond markets, which are closest to monetary policy, are the dominant category of bonds with negative yields. I next look at the participants in the negatively yielding bond market and at the motivations that justify their actions. The conclusion is that although different participants might have different reasons to buy negatively yielding bonds, their collective action is certainly responsible for creating a local equilibrium in which these markets clear. Central bank policy is the next focus in this monograph, and I discuss in depth the economic rationale as propounded by one such bank, the European Central Bank. I conclude with a discussion of the blurring lines between monetary and fiscal policy, which are likely to become centerpieces in future years as global sovereign debt levels rise. Next, I look at the influence of negative yields on other asset markets, such as equities, and especially derivatives markets, such as the demand for options. A discussion of potential risks then follows. The monograph concludes with a review of the impact of negative yields on nonfinancial aspects of society. Although the forecast is anything but crystal clear, the evolution of markets and economics in the years to come will undoubtedly be influenced by this massive economic experiment of negative yields.
Revisiting The Case For Debt Mutualization In The Euro Area A Quantitative Exploration
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Author : Sakai Ando
language : en
Publisher: International Monetary Fund
Release Date : 2023-03-17
Revisiting The Case For Debt Mutualization In The Euro Area A Quantitative Exploration written by Sakai Ando and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-03-17 with categories.
Revisiting the Case for Debt Mutualization in the Euro Area: A Quantitative Exploration
Essays In Honor Of M Hashem Pesaran
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Author : Alexander Chudik
language : en
Publisher: Emerald Group Publishing
Release Date : 2022-01-18
Essays In Honor Of M Hashem Pesaran written by Alexander Chudik and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-18 with Business & Economics categories.
The collection of chapters in Volume 43 Part A of Advances in Econometrics serves as a tribute to one of the most innovative, influential, and productive econometricians of his generation, Professor M. Hashem Pesaran.
Banking And Sovereign Risk In The Euro Area
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Author : Stefan Gerlach
language : en
Publisher:
Release Date : 2016
Banking And Sovereign Risk In The Euro Area written by Stefan Gerlach and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
We study the determinants of sovereign bond spreads in the euro area since the introduction of the euro. We show that an aggregate risk factor is a main driver of spreads. This factor also plays an important indirect role for risk spreads through its interaction with the size and structure of national banking sectors. When aggregate risk increases, countries with large banking sectors and low equity ratios in the banking sector experience greater widening in yield spreads, suggesting that financial markets perceive a larger risk that governments will have to rescue banks, increasing public debt and therefore sovereign risk. Moreover, government debt levels and forecasts of future fiscal deficits are also significant determinants of sovereign spreads.