Government debt issuance in the Euro area [[electronic resource] ] : the impact of the financial crisis / / Mark De Broeck and Anastasia Guscina

• Autore: Broeck Mark de
• Pubblicazione: [Washington, D.C.], : International Monetary Fund, 2011
• Descrizione fisica: 1 online resource (42 p.)
• Soggetto topico: State bonds - European Union countries; Debts, Public - European Union countries; Global Financial Crisis, 2008-2009; Euro area
• Soggetto genere / forma: Electronic books.
• Altri autori: GuscinaAnastasia
• Note generali: "January 2011"--P. [1].
• Nota di bibliografia: Includes bibliographical references.
• Nota di contenuto: 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 Heterogeneity ; 4A. 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
• Sommario/riassunto: This 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
• Titolo autorizzato: Government debt issuance in the Euro area
• ISBN: 1-4623-1435-X; 1-4552-9019-X; 1-283-55406-2; 9786613866516; 1-4552-1253-9
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910451839503321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers