Government Bond Yields in the European Union: A Recent Development in the Euro Area and New Member States

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F10%3A%230000552" target="_blank" >RIV/47813059:19520/10:#0000552 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Result language
angličtina
Original language name
Government Bond Yields in the European Union: A Recent Development in the Euro Area and New Member States
Original language description
The paper's results suggest that sovereign spreads are mainly driven by a common factor that reflects a global risk appetite. However, some specific factors play a role as well. In the euro area, the most important are sustainability of fiscal policy, performance of the banking sector, country's international competitiveness and bond market liquidity. In the new EU Member States, the results are not so convincing due to substantial heterogeneity among the countries. Nevertheless, fiscal balance, trade openness, inflation and prospects of economic growth can be considered as the key determinants. We reveal that the relationships between macroeconomic fundamentals and sovereign spreads were weakest at the peak of the financial crisis. Moreover, these relationships seem to be more robust in the euro area than in the new part of the EU.
Czech name
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Czech description
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Project
<a href="/en/project/GA402%2F08%2F0067" target="_blank" >GA402/08/0067: Financial Integration of the EU New Member States with Eurozone</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Publication year
2010
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection
Proceedings of the 12th International Conference on Finance and Banking
ISBN
978-80-7248-592-5
ISSN
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e-ISSN
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Number of pages
12
Pages from-to
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Publisher name
Silesian university in Opava, School in Business Administration in Karviná
Place of publication
Karviná
Event location
Ostravice
Event date
Jan 1, 2009
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
BSX57

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