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dc.contributor.authorBernoth, Kerstinen_US
dc.contributor.authorWolff, Guntram B.en_US
dc.date.accessioned2006-09-05en_US
dc.date.accessioned2009-07-28T08:12:01Z-
dc.date.available2009-07-28T08:12:01Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/25777-
dc.description.abstractWe investigate the effects of official fiscal data and creative accounting signals on interest rate spreads between bond yields in the European Union. Our model predicts that risk premia contained in government bond spreads should increase in both the official fiscal position and the expected “creative” part of fiscal policy. The relative importance of these two signals depends on the transparency of the country. Greater transparency reduces risk premia. The empirical results confirm the hypotheses. Creative accounting increases the spread. The increase of the risk premium is stronger if financial markets are unsure about the true extent of creative accounting. Fiscal transparency reduces risk premia.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 1732en_US
dc.subject.jelG12en_US
dc.subject.jelE43en_US
dc.subject.jelE62en_US
dc.subject.jelH6en_US
dc.subject.jelF34en_US
dc.subject.ddc330en_US
dc.subject.stwHaushaltsdefiziten_US
dc.subject.stwÖffentliche Schuldenen_US
dc.subject.stwBilanzpolitiken_US
dc.subject.stwKonvergenzkriterienen_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.ppn516993798en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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