Do fiscal drivers matter for sovereign risk spread in EU15?
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F47813059%3A19520%2F14%3A%230002728" target="_blank" >RIV/47813059:19520/14:#0002728 - isvavai.cz</a>
Result on the web
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DOI - Digital Object Identifier
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Alternative languages
Result language
angličtina
Original language name
Do fiscal drivers matter for sovereign risk spread in EU15?
Original language description
The price of government bonds reflects among other market confidence in governments' commitment towards sustainable fiscal policies. The aim of the paper is to examine the importance of fiscal fundamentals for sovereign risk spread in selected European Union member states in a period 1990-2012 and test if stronger fiscal discipline reduces sovereign risk premium. The empirical evidence is performed on unbalanced panel containing 15 EU countries and panel regression is a basic methods of research. Next variables are used for testing impact on sovereign risk spread: German Bunds' interest, budget balance to GDP, debt to GDP, GDP growth and the fiscal rules index. The analysis uses data taken from Eurostat, OECD and Helgi database. Results confirm importance of fiscal variables and discipline for a sovereign risk spread. The improvement of fiscal position (expressed by budget balance increase and debt decrease) reduces sovereign yield spread. Contrary, changes of German Bunds' interest an
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
AH - Economics
OECD FORD branch
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Result continuities
Project
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Continuities
O - Projekt operacniho programu
Others
Publication year
2014
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
European Financial Systems 2014. Proceedings of the 11th International Scientific Conference
ISBN
978-80-210-7153-7
ISSN
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e-ISSN
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Number of pages
8
Pages from-to
629-637
Publisher name
Masarykova universita
Place of publication
Brno
Event location
Lednice
Event date
Jun 12, 2014
Type of event by nationality
EUR - Evropská akce
UT code for WoS article
000350701500083