| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP7833 |
| DP7833 Banking and Sovereign Risk in the Euro Area | |
| Stefan Gerlach; Guntram B. Wolff; Alexander Schulz | |
| 发表日期 | 2010-05-24 |
| 出版年 | 2010 |
| 语种 | 英语 |
| 摘要 | We study the determinants of euro area sovereign bond spreads since the introduction of the euro. An aggregate risk factor is a main driver of spreads, both directly and indirectly by interacting with the size and structure of national banking sectors. When aggregate risk increases, countries with large banking sectors with low equity ratios experience greater widening in yield spreads, suggesting that financial markets perceive a larger risk that governments will have to rescue banks, increasing public debt and therefore sovereign risk. Moreover, government debt levels and forecasts of future fiscal deficits are also significant determinants of sovereign spreads. |
| 主题 | International Macroeconomics |
| 关键词 | Banking Emu Liquidity Sovereign bond markets |
| URL | https://cepr.org/publications/dp7833 |
| 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/536671 |
| 推荐引用方式 GB/T 7714 | Stefan Gerlach,Guntram B. Wolff,Alexander Schulz. DP7833 Banking and Sovereign Risk in the Euro Area. 2010. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
