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Working Papers, Institut für Empirische Wirtschaftsforschung, Universität Osnabrück >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/66502
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Full metadata record
| DC Field | | Value | | Language |
| dc.contributor.author | | Steinkamp, Sven | | en_US |
| dc.contributor.author | | Westermann, Frank | | en_US |
| dc.date.accessioned | | 2012-11-13 | | en_US |
| dc.date.accessioned | | 2012-11-20T10:40:48Z | | - |
| dc.date.available | | 2012-11-20T10:40:48Z | | - |
| dc.date.issued | | 2012 | | en_US |
| dc.identifier.uri | | http://hdl.handle.net/10419/66502 | | - |
| dc.description.abstract | | The recent increase of interest rate spreads in Europe and their apparent detachment from underlying fundamental variables has generated a debate on multiple equilibria in the sovereign bond market (see Grauwe and Ji (2012)). We critically evaluate this hypothesis, by pointing towards an alternative explanation: the increasing share of senior lenders (IMF, ECB, EFSF, etc.) in the total outstanding government debt of countries in crisis. We illustrate the close relationship between senior tranche lending - including Target2 balances - and recent developments in the sovereign bond market, both graphically and in a formal regression analysis. | | en_US |
| dc.language.iso | | eng | | en_US |
| dc.publisher | | Inst. für Empirische Wirtschaftsforschung Osnabrück | | en_US |
| dc.relation.ispartofseries | | Working Paper, Institute of Empirical Economic Research, University of Osnabrück 92 | | en_US |
| dc.subject.jel | | F34 | | en_US |
| dc.subject.jel | | G12 | | en_US |
| dc.subject.jel | | H81 | | en_US |
| dc.subject.ddc | | 330 | | en_US |
| dc.subject.keyword | | Government bond spreads | | en_US |
| dc.subject.keyword | | Eurozone | | en_US |
| dc.subject.keyword | | senior tranche lending | | en_US |
| dc.subject.keyword | | multiple equilibria | | en_US |
| dc.subject.keyword | | sovereign debt crisis | | en_US |
| dc.subject.keyword | | Target | | en_US |
| dc.title | | On creditor seniority and sovereign bond prices in Europe | | en_US |
| dc.type | | Working Paper | | en_US |
| dc.identifier.ppn | | 729618064 | | en_US |
| dc.rights | | http://www.econstor.eu/dspace/Nutzungsbedingungen | | en_US |
| Appears in Collections: | | Working Papers, Institut für Empirische Wirtschaftsforschung, Universität Osnabrück
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