Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/154215 
Erscheinungsjahr: 
2015
Schriftenreihe/Nr.: 
ECB Working Paper No. 1782
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
This paper attempts to evaluate the impact of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three administrations that followed one another during the period 2009-2013. The results indicate that only fiscal policy announcements made by members of Monti's cabinet had a significant impact on the Italian spread. We argue that these findings may be partly explained by a credibility gap between Monti's technocratic administration and Berlusconi's and Letta's governments.
Schlagwörter: 
fiscal policy announcements
GARCH models
interest rate spread
political communication
sovereign debt crisis
JEL: 
E43
E62
G01
G12
ISBN: 
978-92-899-1595-3
Dokumentart: 
Working Paper

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