03631nam 2200697 a 450 991045183950332120200520144314.01-4623-1435-X1-4552-9019-X1-283-55406-297866138665161-4552-1253-9(CKB)2550000000102430(EBL)1587188(SSID)ssj0000960825(PQKBManifestationID)11519354(PQKBTitleCode)TC0000960825(PQKBWorkID)10959726(PQKB)10916369(MiAaPQ)EBC1587188(Au-PeEL)EBL1587188(CaPaEBR)ebr10557428(CaONFJC)MIL386651(OCoLC)867927245(EXLCZ)99255000000010243020120911d2011 uy 0engur|n|---|||||txtccrGovernment debt issuance in the Euro area[electronic resource] the impact of the financial crisis /Mark De Broeck and Anastasia Guscina[Washington, D.C.] International Monetary Fund20111 online resource (42 p.)IMF working paper ;WP/11/21"January 2011"--P. [1].1-4552-1194-X Includes bibliographical references.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 Heterogeneity4A. 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; FootnotesThis 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 accountIMF Working PapersState bondsEuropean Union countriesDebts, PublicEuropean Union countriesGlobal Financial Crisis, 2008-2009Euro areaElectronic books.State bondsDebts, PublicGlobal Financial Crisis, 2008-2009.Euro area.Broeck Mark de967534Guscina Anastasia871528International Monetary Fund.European Dept.MiAaPQMiAaPQMiAaPQBOOK9910451839503321Government debt issuance in the Euro area2196680UNINA