LEADER 05135oam 22012134 450 001 9910788334903321 005 20230721045652.0 010 $a1-4623-1137-7 010 $a9786612843235 010 $a1-4519-8625-4 010 $a1-282-84323-0 010 $a1-4518-7255-0 035 $a(CKB)3170000000055267 035 $a(SSID)ssj0000940869 035 $a(PQKBManifestationID)11545389 035 $a(PQKBTitleCode)TC0000940869 035 $a(PQKBWorkID)10955970 035 $a(PQKB)10158297 035 $a(OCoLC)586122872 035 $a(MiAaPQ)EBC1605911 035 $a(IMF)WPIEE2009108 035 $a(EXLCZ)993170000000055267 100 $a20020129d2009 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aFrom Bear Stearns to Anglo Irish : $eHow Eurozone Sovereign Spreads Related to Financial Sector Vulnerability /$fAshoka Mody 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2009. 215 $a39 p 225 1 $aIMF Working Papers 300 $aBibliographic Level Mode of Issuance: Monograph 311 $a1-4519-1685-X 320 $aIncludes bibliographical references. 330 3 $aThis paper attempts to explain the recent rise and differentiation of sovereign spreads across the countries of the eurozone. Following the onset of the subprime crisis in July 2007, spreads rose but mainly on account of common global factors. The rescue of Bear Stearns in March 2008 marked a turning point. Countries thereafter were increasingly differentiated. Sovereign spreads of a eurozone country tended to rise when the prospects of its domestic financial sector worsened. It appears, therefore, that the rescue of Bear Stearns created a link between financial sector vulnerabilities and a larger contingent liability on public finances. Following the failure of Lehman Brothers, spreads also rose faster for countries with higher ratios of public debt-to-GDP. These transitional dynamics appear to have concluded with the nationalization of Anglo Irish: sovereign spreads throughout the eurozone jumped, with the jump emphasizing the differentiation by financial sector vulnerability and public debt levels. The results imply that, to varying degrees, countries may have moved to a new regime of weak economic outlook, financial sector fragilities, and strains on public finances. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2009/108 606 $aFinancial crises 606 $aBusiness cycles 606 $aFinance: General$2imf 606 $aInvestments: Bonds$2imf 606 $aPublic Finance$2imf 606 $aIndustries: Financial Services$2imf 606 $aFiscal Policy$2imf 606 $aInternational Financial Markets$2imf 606 $aDebt$2imf 606 $aDebt Management$2imf 606 $aSovereign Debt$2imf 606 $aFinancial Institutions and Services: General$2imf 606 $aGeneral Financial Markets: General (includes Measurement and Data)$2imf 606 $aGeneral Financial Markets: Government Policy and Regulation$2imf 606 $aPublic finance & taxation$2imf 606 $aFinance$2imf 606 $aInvestment & securities$2imf 606 $aFinancial sector$2imf 606 $aPublic debt$2imf 606 $aSovereign bonds$2imf 606 $aCompetition$2imf 606 $aFinancial sector risk$2imf 606 $aEconomic sectors$2imf 606 $aFinancial institutions$2imf 606 $aFinancial markets$2imf 606 $aFinancial sector policy and analysis$2imf 606 $aFinancial services industry$2imf 606 $aDebts, Public$2imf 606 $aBonds$2imf 606 $aFinancial risk management$2imf 607 $aFinland$2imf 615 0$aFinancial crises. 615 0$aBusiness cycles. 615 7$aFinance: General 615 7$aInvestments: Bonds 615 7$aPublic Finance 615 7$aIndustries: Financial Services 615 7$aFiscal Policy 615 7$aInternational Financial Markets 615 7$aDebt 615 7$aDebt Management 615 7$aSovereign Debt 615 7$aFinancial Institutions and Services: General 615 7$aGeneral Financial Markets: General (includes Measurement and Data) 615 7$aGeneral Financial Markets: Government Policy and Regulation 615 7$aPublic finance & taxation 615 7$aFinance 615 7$aInvestment & securities 615 7$aFinancial sector 615 7$aPublic debt 615 7$aSovereign bonds 615 7$aCompetition 615 7$aFinancial sector risk 615 7$aEconomic sectors 615 7$aFinancial institutions 615 7$aFinancial markets 615 7$aFinancial sector policy and analysis 615 7$aFinancial services industry 615 7$aDebts, Public 615 7$aBonds 615 7$aFinancial risk management 700 $aMody$b Ashoka$0888386 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788334903321 996 $aFrom Bear Stearns to Anglo Irish$93685554 997 $aUNINA