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

Kód výsledku v 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>

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

D - Stať ve sborníku

CEP obor

AH - Ekonomie

OECD FORD obor

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Projekt

<a href="/cs/project/GA402%2F08%2F0067" target="_blank" >GA402/08/0067: Finanční integrace nových členských zemí EU s eurozónou</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)

Rok uplatnění

2010

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

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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Počet stran výsledku

12

Strana od-do

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Název nakladatele

Silesian university in Opava, School in Business Administration in Karviná

Místo vydání

Karviná

Místo konání akce

Ostravice

Datum konání akce

1. 1. 2009

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

BSX57