04763oam 22011774 450 991078822550332120230721045730.01-4623-9410-81-4527-4905-11-4518-7369-797866128442631-282-84426-1(CKB)3170000000055363(SSID)ssj0000940752(PQKBManifestationID)11600654(PQKBTitleCode)TC0000940752(PQKBWorkID)10956020(PQKB)10591944(OCoLC)694140994(MiAaPQ)EBC1608845(IMF)WPIEE2009222(EXLCZ)99317000000005536320020129d2009 uf 0engurcn|||||||||txtccrEuro Area Sovereign Risk During the Crisis /Edda Zoli, Silvia SgherriWashington, D.C. :International Monetary Fund,2009.23 p. illIMF Working Papers"European Department."1-4519-1789-9 While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining fiscal sustainability. From this perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are mainly driven by a common time-varying factor, mimicking global risk repricing. Since October 2008, however, there is evidence that markets have become progressively more concerned about the potential fiscal implications of national financial sectors' frailty and future debt dynamics. The liquidity of sovereign bond markets still seems to play a significant (albeit fairly limited) role in explaining changes in euro area spreads.IMF Working Papers; Working Paper ;No. 2009/222Global Financial Crisis, 2008-2009Financial crisesEuropean Union countriesEconometric modelsRisk managementEuropean Union countriesEconometric modelsFinance: GeneralimfFinancial Risk ManagementimfInvestments: GeneralimfInvestments: BondsimfIndustries: Financial ServicesimfGeneral Financial Markets: General (includes Measurement and Data)imfInvestmentimfCapitalimfIntangible CapitalimfCapacityimfFinancial CrisesimfFinancial Institutions and Services: GeneralimfInvestment & securitiesimfMacroeconomicsimfFinanceimfEconomic & financial crises & disastersimfSovereign bondsimfReturn on investmentimfSecurities marketsimfFinancial crisesimfFinancial sectorimfBondsimfSaving and investmentimfCapital marketimfFinancial services industryimfIrelandimfGlobal Financial Crisis, 2008-2009.Financial crisesEconometric models.Risk managementEconometric models.Finance: GeneralFinancial Risk ManagementInvestments: GeneralInvestments: BondsIndustries: Financial ServicesGeneral Financial Markets: General (includes Measurement and Data)InvestmentCapitalIntangible CapitalCapacityFinancial CrisesFinancial Institutions and Services: GeneralInvestment & securitiesMacroeconomicsFinanceEconomic & financial crises & disastersSovereign bondsReturn on investmentSecurities marketsFinancial crisesFinancial sectorBondsSaving and investmentCapital marketFinancial services industryZoli Edda1111469Sgherri Silvia1491226International Monetary Fund.European Dept.DcWaIMFBOOK9910788225503321Euro Area Sovereign Risk During the Crisis3741559UNINA