Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/66502
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dc.contributor.authorSteinkamp, Svenen_US
dc.contributor.authorWestermann, Franken_US
dc.date.accessioned2012-11-13en_US
dc.date.accessioned2012-11-20T10:40:48Z-
dc.date.available2012-11-20T10:40:48Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/66502-
dc.description.abstractThe 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.isoengen_US
dc.publisher|aInst. für Empirische Wirtschaftsforschung |cOsnabrücken_US
dc.relation.ispartofseries|aWorking Paper, Institute of Empirical Economic Research, University of Osnabrück |x92en_US
dc.subject.jelF34en_US
dc.subject.jelG12en_US
dc.subject.jelH81en_US
dc.subject.ddc330en_US
dc.subject.keywordGovernment bond spreadsen_US
dc.subject.keywordEurozoneen_US
dc.subject.keywordsenior tranche lendingen_US
dc.subject.keywordmultiple equilibriaen_US
dc.subject.keywordsovereign debt crisisen_US
dc.subject.keywordTargeten_US
dc.titleOn creditor seniority and sovereign bond prices in Europeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn729618064en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US

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