Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/127350 
Year of Publication: 
2012
Series/Report no.: 
Discussion Paper Series No. 536
Publisher: 
University of Heidelberg, Department of Economics, Heidelberg
Abstract: 
We quantify all statements by major European politicians reported by Reuters during the August 2011 to December 2011 period and show that political communication significantly affects European stock and bond markets as well as the EUR-USD exchange rate. Communication with respect to Italy induces the strongest market reactions. Financial markets consider the German bondmarket a safe haven.
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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