| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11122 |
| DP11122 Domestic and Cross-Border Auction Cycle Effects of Sovereign Bond Issuance in the Euro Area | |
| [unavailable] | |
| 发表日期 | 2016-02-19 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This paper provides evidence of spillovers from foreign primary public debt issues into domestic secondary market auction cycles in the euro area. It also confirms the presence of such auction cycles in response to domestic debt issues. These results are consistent with the theory of primary dealers’ limited risk-bearing capacity. Consistent with the theory, domestic auction cycles in response to new debt issues are stronger during the crisis period, while the cross-border effects tend to be stronger in the pre-crisis period, possibly as a result of reduced integration of euro area sovereign bond markets during the crisis. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Auctions Auction cycles Cross-border effects Public debt Crisis Primary dealers Limited risk-bearing capacity Primary markets Secondary markets |
| URL | https://cepr.org/publications/dp11122 |
| 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/539939 |
| 推荐引用方式 GB/T 7714 | [unavailable]. DP11122 Domestic and Cross-Border Auction Cycle Effects of Sovereign Bond Issuance in the Euro Area. 2016. |
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