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Kompletter Metadatensatz
DublinCore-Feld | Wert | Sprache |
---|---|---|
dc.contributor.author | Steinkamp, Sven | en |
dc.contributor.author | Westermann, Frank | en |
dc.date.accessioned | 2012-11-13 | - |
dc.date.accessioned | 2012-11-20T10:40:48Z | - |
dc.date.available | 2012-11-20T10:40:48Z | - |
dc.date.issued | 2012 | - |
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 |
dc.language.iso | eng | en |
dc.publisher | |aOsnabrück University, Institute of Empirical Economic Research |cOsnabrück | en |
dc.relation.ispartofseries | |aWorking Paper |x92 | en |
dc.subject.jel | F34 | en |
dc.subject.jel | G12 | en |
dc.subject.jel | H81 | en |
dc.subject.ddc | 330 | en |
dc.subject.keyword | Government bond spreads | en |
dc.subject.keyword | Eurozone | en |
dc.subject.keyword | senior tranche lending | en |
dc.subject.keyword | multiple equilibria | en |
dc.subject.keyword | sovereign debt crisis | en |
dc.subject.keyword | Target | en |
dc.title | On creditor seniority and sovereign bond prices in Europe | - |
dc.type | Working Paper | en |
dc.identifier.ppn | 729618064 | en |
dc.rights | http://www.econstor.eu/dspace/Nutzungsbedingungen | en |
dc.identifier.repec | RePEc:iee:wpaper:wp0092 | en |
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