| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14848 |
| DP14848 Covid 19: a new challenge for the EMU | |
| Anne-Laure Delatte; Alexis Guillaume | |
| 发表日期 | 2020-06-04 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | While the pandemic was an exogenous shock leading to increasing sovereign debt across the board, the dynamics of sovereign risk premiums has been heterogeneous in the Euro Area (EA). We estimate the determinants of sovereign bond spreads in the EA during the pandemic from January 2 2020 to May 25 2020. We find that: 1) resiliency to COVID shock depended on initial fiscal situation, robustness of the banking sector and healthcare capacity; 2) during the crisis, ECB speeches were a game changer and had a much larger contribution than actual securities purchase programs; 3) the coordination of the European Council also contributed to narrow down the spread but the effect was partly compensated by the implementation of financial assistance based on loans which contributed to increase the spreads. |
| 主题 | Financial Economics ; International Macroeconomics and Finance |
| 关键词 | Sovereign risk European monetary union Covid Event studies |
| URL | https://cepr.org/publications/dp14848-1 |
| 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/543783 |
| 推荐引用方式 GB/T 7714 | Anne-Laure Delatte,Alexis Guillaume. DP14848 Covid 19: a new challenge for the EMU. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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