06798oam 22016214 450 991081381460332120240402023540.01-4623-1435-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(IMF)WPIEE2011021(EXLCZ)99255000000010243020020129d2011 uf 0engur|n|---|||||txtccrGovernment Debt Issuance in the Euro Area : The Impact of the Financial Crisis1st ed.Washington, D.C. :International Monetary Fund,2011.1 online resource (42 p.)IMF Working PapersIMF 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 account for a significant proportion of the deviation. The negative effect of the crisis on DLTF debt issuance was especially pronounced in high deficit and high debt euro area countries, and has forced governments to assume additional risk.IMF Working Papers; Working Paper ;No. 2011/021State bondsEuropean Union countriesDebts, PublicEuropean Union countriesGlobal Financial Crisis, 2008-2009Euro areaFinancial Risk ManagementimfInflationimfMoney and Monetary PolicyimfPublic FinanceimfIndustries: GeneralimfTruncated and Censored ModelsimfSwitching Regression ModelsimfThreshold Regression Modelsimf'Panel Data ModelsimfSpatio-temporal Models'imfInternational Lending and Debt ProblemsimfInternational Finance: OtherimfInternational Financial MarketsimfFiscal Policies and Behavior of Economic Agents: GeneralimfDebtimfDebt ManagementimfSovereign DebtimfPrice LevelimfDeflationimfFinancial CrisesimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfMacroeconomics: ProductionimfMacroeconomicsimfPublic finance & taxationimfEconomic & financial crises & disastersimfMonetary economicsimfPublic debtimfFinancial crisesimfCurrenciesimfIndustrial productionimfPricesimfMoneyimfProductionimfDebts, PublicimfIndustriesimfGreeceimfState bondsDebts, PublicGlobal Financial Crisis, 2008-2009.Euro area.Financial Risk ManagementInflationMoney and Monetary PolicyPublic FinanceIndustries: GeneralTruncated and Censored ModelsSwitching Regression ModelsThreshold Regression Models'Panel Data ModelsSpatio-temporal Models'International Lending and Debt ProblemsInternational Finance: OtherInternational Financial MarketsFiscal Policies and Behavior of Economic Agents: GeneralDebtDebt ManagementSovereign DebtPrice LevelDeflationFinancial CrisesMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsMacroeconomics: ProductionMacroeconomicsPublic finance & taxationEconomic & financial crises & disastersMonetary economicsPublic debtFinancial crisesCurrenciesIndustrial productionPricesMoneyProductionDebts, PublicIndustriesInternational Monetary Fund.European Dept.DcWaIMFBOOK9910813814603321Government Debt Issuance in the Euro Area4032158UNINA