EMU, the Changing Role of Public Debt and the Revival of Sovereign Credit Risk Perception

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dc.contributor.author Schmid, Kai Daniel de_DE
dc.contributor.author Schmidt, Michael de_DE
dc.date.accessioned 2012-12-18 de_DE
dc.date.accessioned 2014-03-18T10:04:05Z
dc.date.available 2012-12-18 de_DE
dc.date.available 2014-03-18T10:04:05Z
dc.date.issued 2012 de_DE
dc.identifier.other 376566159 de_DE
dc.identifier.uri http://nbn-resolving.de/urn:nbn:de:bsz:21-opus-65710 de_DE
dc.identifier.uri http://hdl.handle.net/10900/47972
dc.description.abstract Using annual data for 21 OECD countries we provide evidence of remarkable mispricing of sovereign bonds for the so-called GIIPS countries before the start of the financial crisis. Our results also qualify the view of pronounced overpricing in the crisis. In detail, we find: (i) Since the 1980s the role of public debt for the pricing of government bonds has changed twice: First-time in the aftermath of the signing of the Maastricht treaty, and again with the wake-up call due to the onset of the financial crisis. (ii) Before the financial crisis EMU member countries had de facto been perceived as a homogenous group with regard to the role of public debt for sovereign risk pricing. (iii) With the reconsideration of country-specific fundamentals the role of public debt has not only been revived but its impact upon bond yield spreads has become comparable to the time before the Maastricht treaty. en
dc.language.iso en de_DE
dc.publisher Universität Tübingen de_DE
dc.rights ubt-podno de_DE
dc.rights.uri http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=de de_DE
dc.rights.uri http://tobias-lib.uni-tuebingen.de/doku/lic_ohne_pod.php?la=en en
dc.subject.classification Europäische Union , Währungsunion , Währungsrisiko de_DE
dc.subject.ddc 330 de_DE
dc.subject.other EMU , European Monetary Union , GIIPS , Public debt , Risk perception , Sovereign bond yields en
dc.title EMU, the Changing Role of Public Debt and the Revival of Sovereign Credit Risk Perception en
dc.type ResearchPaper de_DE
utue.publikation.fachbereich Wirtschaftswissenschaften de_DE
utue.publikation.fakultaet 6 Wirtschafts- und Sozialwissenschaftliche Fakultät de_DE
dcterms.DCMIType Text de_DE
utue.publikation.typ workingPaper de_DE
utue.opus.id 6571 de_DE
utue.publikation.source University of Tübingen Working Papers in Economics and Finance ; 48 de_DE


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