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Euro Area Sovereign Risk During the Crisis / / Edda Zoli, Silvia Sgherri



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Autore: Zoli Edda Visualizza persona
Titolo: Euro Area Sovereign Risk During the Crisis / / Edda Zoli, Silvia Sgherri Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2009
Descrizione fisica: 23 p. : ill
Soggetto topico: Global Financial Crisis, 2008-2009
Financial crises - European Union countries - Econometric models
Risk management - European Union countries - Econometric models
Finance: General
Financial Risk Management
Investments: General
Investments: Bonds
Industries: Financial Services
General Financial Markets: General (includes Measurement and Data)
Investment
Capital
Intangible Capital
Capacity
Financial Crises
Financial Institutions and Services: General
Investment & securities
Macroeconomics
Finance
Economic & financial crises & disasters
Sovereign bonds
Return on investment
Securities markets
Financial crises
Financial sector
Bonds
Saving and investment
Capital market
Financial services industry
Soggetto geografico: Ireland
Altri autori: SgherriSilvia  
Note generali: "European Department."
Sommario/riassunto: 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.
Titolo autorizzato: Euro Area Sovereign Risk During the Crisis  Visualizza cluster
ISBN: 1-4623-9410-8
1-4527-4905-1
1-4518-7369-7
9786612844263
1-282-84426-1
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788225503321
Lo trovi qui: Univ. Federico II
Opac: Controlla la disponibilità qui
Serie: IMF Working Papers; Working Paper ; ; No. 2009/222