| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7516 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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