Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/19647
Full metadata record
DC FieldValueLanguage
dc.contributor.authorBernoth, Kerstinen_US
dc.contributor.authorWolff, Guntram B.en_US
dc.date.accessioned2009-01-28T16:01:43Z-
dc.date.available2009-01-28T16:01:43Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/19647-
dc.description.abstractWe investigate the effects of official fiscal data and creative accounting signalson interest rate spreads between bond yields in the European Union. Ourmodel predicts that risk premia contained in government bond spreads shouldincrease in both, the official fiscal position and the expected "creative" partof fiscal policy. The relative importance of these two signals depends on thetransparency of the country. Greater transparency reduces risk premia. Theempirical results confirm the hypotheses. Creative accounting increases thespread. The increase of the risk premium is stronger if financial markets areunsure about the true extent of creative accounting. Fiscal transparencyreduces risk premia. Instrumental variable regressions confirm these resultsby addressing potential reverse causality problems and measurement bias.en_US
dc.language.isoengen_US
dc.publisher|aDeutsche Bundesbank |cFrankfurt a. M.-
dc.relation.ispartofseries|aDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank |x2006,19en_US
dc.subject.jelF34en_US
dc.subject.jelH6en_US
dc.subject.jelG12en_US
dc.subject.jelE43en_US
dc.subject.jelE62en_US
dc.subject.ddc330en_US
dc.subject.keywordRisk premiaen_US
dc.subject.keywordgovernment bond yieldsen_US
dc.subject.keywordcreative accountingen_US
dc.subject.keywordstock-flow adjustmentsen_US
dc.subject.keywordgimmickryen_US
dc.subject.keywordtransparencyen_US
dc.subject.stwHaushaltsdefiziten_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwBilanzpolitiken_US
dc.subject.stwKonvergenzkriterienen_US
dc.subject.stwEU-Stabilitätspakten_US
dc.subject.stwZinsdifferenzen_US
dc.subject.stwLänderrisikoen_US
dc.subject.stwRisikoprämieen_US
dc.subject.stwÖffentliche Anleiheen_US
dc.subject.stwSchätzungen_US
dc.subject.stwEU-Staatenen_US
dc.titleFool the markets? Creative accounting, fiscal transparency and sovereign risk premiaen_US
dc.typeWorking Paperen_US
dc.identifier.ppn514273933en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:4470-

Files in This Item:
File
Size
353.69 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.