G2TT
来源类型Discussion paper
规范类型论文
来源IDDP7516
DP7516 Efficient Recapitalization
Thomas Philippon; Philipp Schnabl
发表日期2009-10-25
出版年2009
语种英语
摘要This note looks at US$ and DM/Euro denominated government bond spreads relative to US and German benchmark bonds before and after the start of the current financial crisis. The study finds, first, that bond yield spreads before and during the crisis can largely be explained on the basis of economic principles. Second, markets penalise fiscal imbalances much more strongly after the Lehman default in September 2008 than before. There is also a significant increase in the spread on non-benchmark bonds due to higher general risk aversion, and German bonds obtained a safe-haven investment status similar to that of the US which they did not have before the crisis. These findings underpin the need for achieving sound fiscal positions in good times and complying with the Stability and Growth Pact.
主题Public Economics
关键词Sovereign risk premiums Bond markets Financial crisis
URLhttps://cepr.org/publications/dp7516
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/536352
推荐引用方式
GB/T 7714
Thomas Philippon,Philipp Schnabl. DP7516 Efficient Recapitalization. 2009.
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