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Record Nr. |
UNINA9910779266403321 |
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Titolo |
Government Debt Issuance in the Euro Area : : The Impact of the Financial Crisis |
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Pubbl/distr/stampa |
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Washington, D.C. : , : International Monetary Fund, , 2011 |
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ISBN |
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1-4623-1435-X |
1-4552-9019-X |
1-283-55406-2 |
9786613866516 |
1-4552-1253-9 |
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Descrizione fisica |
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1 online resource (42 p.) |
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Collana |
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IMF Working Papers |
IMF working paper ; ; WP/11/21 |
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Soggetti |
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State bonds - European Union countries |
Debts, Public - European Union countries |
Global Financial Crisis, 2008-2009 |
Euro area |
Financial Risk Management |
Inflation |
Money and Monetary Policy |
Public Finance |
Industries: General |
Truncated and Censored Models |
Switching Regression Models |
Threshold Regression Models |
'Panel Data Models |
Spatio-temporal Models' |
International Lending and Debt Problems |
International Finance: Other |
International Financial Markets |
Fiscal Policies and Behavior of Economic Agents: General |
Debt |
Debt Management |
Sovereign Debt |
Price Level |
Deflation |
Financial Crises |
Monetary Systems |
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Standards |
Regimes |
Government and the Monetary System |
Payment Systems |
Macroeconomics: Production |
Macroeconomics |
Public finance & taxation |
Economic & financial crises & disasters |
Monetary economics |
Public debt |
Financial crises |
Currencies |
Industrial production |
Prices |
Money |
Production |
Debts, Public |
Industries |
Greece |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Nota di bibliografia |
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Includes bibliographical references. |
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Nota di contenuto |
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Cover Page; Title Page; Copyright Page; Contents; I. Introduction; II. Database and Stylized Facts; A. Database; B. Stylized Facts; 1. Changes in the Structure of Sovereign Borrowing; III. Econometric Analysis and Results; A. Determinants of Total Issuance; 2A. Determinants of Total Debt Issuance; 2B. Determinants of Total Debt Issuance-Exploring Heterogeneity; B. Determinants of Issuance Composition; 3A. Determinants of Auction Share in Total Issuance-Censored Tobit Estimation; 3B. Determinants of Auction Share in Total Issuance-Exploring Heterogeneity |
4A. Determinants of DLTF Issuance-Censored Tobit Estimation4B. Determinants of DLTF Issuance-Exploring Heterogeneity; IV. Conclusion; A1. Changes in Total Debt Issuance; A2. Changes in Number of Issues; A3. Changes in Average Size of Issue; A4. Variable Definitions and Sources; Determinants of Total Debt Issuance-Estimated in Levels; References; Footnotes |
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Sommario/riassunto |
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This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding practices competitive auctions of debt instruments with a fixed coupon, long maturity and local currency denomination (DLTF). Exploiting the cross-country panel data dimension of the data, we conclude that the crisis and related changes in the macroeconomic environment and investor sentiment can account for a significant proportion of the deviation. The negative effect of the crisis on DLTF debt issuance was especially pronounced in high deficit |
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and high debt euro area countries, and has forced governments to assume additional risk. |
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