LEADER 06778oam 22016094 450 001 9910779266403321 005 20230725060441.0 010 $a1-4623-1435-X 010 $a1-4552-9019-X 010 $a1-283-55406-2 010 $a9786613866516 010 $a1-4552-1253-9 035 $a(CKB)2550000000102430 035 $a(EBL)1587188 035 $a(SSID)ssj0000960825 035 $a(PQKBManifestationID)11519354 035 $a(PQKBTitleCode)TC0000960825 035 $a(PQKBWorkID)10959726 035 $a(PQKB)10916369 035 $a(MiAaPQ)EBC1587188 035 $a(Au-PeEL)EBL1587188 035 $a(CaPaEBR)ebr10557428 035 $a(CaONFJC)MIL386651 035 $a(OCoLC)867927245 035 $a(IMF)WPIEE2011021 035 $a(EXLCZ)992550000000102430 100 $a20020129d2011 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aGovernment Debt Issuance in the Euro Area : $eThe Impact of the Financial Crisis 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2011. 215 $a1 online resource (42 p.) 225 1 $aIMF Working Papers 225 0$aIMF working paper ;$vWP/11/21 300 $a"January 2011"--P. [1]. 311 $a1-4552-1194-X 320 $aIncludes bibliographical references. 327 $aCover 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 327 $a4A. 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 330 3 $aThis paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding practices competitive auctions of debt instruments with a fixed coupon, long maturity and local currency denomination (DLTF). Exploiting the cross-country panel data dimension of the data, we conclude that the crisis and related changes in the macroeconomic environment and investor sentiment can account for a significant proportion of the deviation. The negative effect of the crisis on DLTF debt issuance was especially pronounced in high deficit and high debt euro area countries, and has forced governments to assume additional risk. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2011/021 606 $aState bonds$zEuropean Union countries 606 $aDebts, Public$zEuropean Union countries 606 $aGlobal Financial Crisis, 2008-2009 606 $aEuro area 606 $aFinancial Risk Management$2imf 606 $aInflation$2imf 606 $aMoney and Monetary Policy$2imf 606 $aPublic Finance$2imf 606 $aIndustries: General$2imf 606 $aTruncated and Censored Models$2imf 606 $aSwitching Regression Models$2imf 606 $aThreshold Regression Models$2imf 606 $a'Panel Data Models$2imf 606 $aSpatio-temporal Models'$2imf 606 $aInternational Lending and Debt Problems$2imf 606 $aInternational Finance: Other$2imf 606 $aInternational Financial Markets$2imf 606 $aFiscal Policies and Behavior of Economic Agents: General$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aPrice Level$2imf 606 $aDeflation$2imf 606 $aFinancial Crises$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aMacroeconomics: Production$2imf 606 $aMacroeconomics$2imf 606 $aPublic finance & taxation$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aMonetary economics$2imf 606 $aPublic debt$2imf 606 $aFinancial crises$2imf 606 $aCurrencies$2imf 606 $aIndustrial production$2imf 606 $aPrices$2imf 606 $aMoney$2imf 606 $aProduction$2imf 606 $aDebts, Public$2imf 606 $aIndustries$2imf 607 $aGreece$2imf 615 0$aState bonds 615 0$aDebts, Public 615 0$aGlobal Financial Crisis, 2008-2009. 615 0$aEuro area. 615 7$aFinancial Risk Management 615 7$aInflation 615 7$aMoney and Monetary Policy 615 7$aPublic Finance 615 7$aIndustries: General 615 7$aTruncated and Censored Models 615 7$aSwitching Regression Models 615 7$aThreshold Regression Models 615 7$a'Panel Data Models 615 7$aSpatio-temporal Models' 615 7$aInternational Lending and Debt Problems 615 7$aInternational Finance: Other 615 7$aInternational Financial Markets 615 7$aFiscal Policies and Behavior of Economic Agents: General 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aPrice Level 615 7$aDeflation 615 7$aFinancial Crises 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aMacroeconomics: Production 615 7$aMacroeconomics 615 7$aPublic finance & taxation 615 7$aEconomic & financial crises & disasters 615 7$aMonetary economics 615 7$aPublic debt 615 7$aFinancial crises 615 7$aCurrencies 615 7$aIndustrial production 615 7$aPrices 615 7$aMoney 615 7$aProduction 615 7$aDebts, Public 615 7$aIndustries 712 02$aInternational Monetary Fund.$bEuropean Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910779266403321 996 $aGovernment Debt Issuance in the Euro Area$93842829 997 $aUNINA