Government Debt Issuance in the Euro Area : : The Impact of the Financial Crisis

• 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; Financial Risk Management; Inflation; Money and Monetary Policy; Public Finance; Industries: General; Truncated and Censored Models; Switching Regression Models; Threshold Regression Models; 'Panel Data Models; Spatio-temporal Models'; International Lending and Debt Problems; International Finance: Other; International Financial Markets; Fiscal Policies and Behavior of Economic Agents: General; Debt; Debt Management; Sovereign Debt; Price Level; Deflation; Financial Crises; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; Macroeconomics: Production; Macroeconomics; Public finance & taxation; Economic & financial crises & disasters; Monetary economics; Public debt; Financial crises; Currencies; Industrial production; Prices; Money; Production; Debts, Public; Industries
• Soggetto geografico: Greece
• 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 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.
• 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.: 9910779266403321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2011/021