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    Wyświetlanie 1-3 z 3
    Tytuł:
    Common Currency and Determinants of Government Bond Risk Premiums
    Autorzy:
    Poniatowski, Grzegorz
    Powiązania:
    https://bibliotekanauki.pl/articles/483273.pdf
    Data publikacji:
    2014
    Wydawca:
    Polska Akademia Nauk. Czytelnia Czasopism PAN
    Tematy:
    government bond yields
    common credibility
    bond market
    EMU
    Opis:
    The problem of governments’ over-indebtedness is one of the most important challenges for today’s EMU governance. As numbers suggest, the problem of extensive deficits has appeared in the EMU long before the burst of the global financial crisis. We suspect that the membership in a currency area might be partially blamed for such progression of indebtedness. This paper examines the determinants of government risk premiums in the EU Member States to answer if the risk premium assigned by the market may give currency area Member States additional incentives for profligacy. Controlling other factors, we investigate the pattern in which fiscal deficits and GDP growth affect the yield of 10-year-maturity government bonds in the euro area and the non-euro area EU Member States. Our results are straightforward. The market penalizes EU countries that do not belong to the euro area for bad economic performance and extensive deficits from 4 to 7 times stronger. Our estimates confirm the strong impact of the common credibility problem in the EMU but also support the key role of financial stress in determining the cost of government debt.
    Źródło:
    Central European Journal of Economic Modelling and Econometrics; 2014, 2; 70-87
    2080-0886
    2080-119X
    Pojawia się w:
    Central European Journal of Economic Modelling and Econometrics
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies
    Autorzy:
    Arslanalp, Serkan
    Poghosyan, Tigran
    Powiązania:
    https://bibliotekanauki.pl/articles/565634.pdf
    Data publikacji:
    2016
    Wydawca:
    Uniwersytet Warszawski. Wydawnictwo Naukowe Wydziału Zarządzania
    Tematy:
    Government bond yields
    investor base
    interest rate determinants.
    Opis:
    Asset allocation decisions of international investors are at the core of capital flows. This paper explores the impact of these decisions on long-term government bond yields, using a quarterly investor base dataset for 22 advanced economies over 2004‒2012. We find that a one percentage point increase in the share of government debt held by foreign investors can explain a 6‒10 basis point reduction in long-term sovereign bond yields over the sample period. Accordingly, international flows to core advanced economy bond markets over 2008‒12 are estimated to have reduced 10-year government bond yields by 40‒65 basis points in Germany, 20‒30 basis points in the U.K., and 35‒60 basis points in the U.S. Incontrast, foreign outflows are estimated to have raised 10-year government bond yields by 40‒70 basis points in Italy and 110‒180 basis points in Spain during the same period. These results suggest that changes in the foreign investor base for sovereign debt can have economically and statistically signifi cant effects on sovereign bond yields, independent of other standard macroeconomic determinants of bond yields.
    Źródło:
    Journal of Banking and Financial Economics; 2016, 2(6); 45-67
    2353-6845
    Pojawia się w:
    Journal of Banking and Financial Economics
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
    Tytuł:
    Negative Interest Rates, COVID-19, and the Finances of Listed Euro Firms
    Autorzy:
    von Eije, Henk
    Powiązania:
    https://bibliotekanauki.pl/articles/14108444.pdf
    Data publikacji:
    2021-12-28
    Wydawca:
    Wyższa Szkoła Bankowa we Wrocławiu
    Tematy:
    Negative interest rates
    European Central Bank
    German government bond yields
    short-term firm financing
    liquidity ratios
    debtor ratios
    creditor ratios
    dividends
    long-term borrowing cash flows
    non-liquid investments
    corona crisis
    COVID-19
    Opis:
    Aim: The paper measures the impact of negative interest rates on listed firms in the original euro zone countries. It also measures the impact of the first COVID-19 year. Design / research methods: The paper uses panel data to measure the influence of the short-term ECB deposit rate and the 10-years German bond yield on short-term and long-term firm variables. Cross section fixed effects are applied to first differences and dummy variables. For liquidity and non-liquid assets the effects are also measured for small and large companies, for sectors, and for countries. Conclusions / findings: Corporate liquidity ratios and creditor ratios decline when short-term ECB-rates fall. If ECB rates are negative, liquidity ratios are further reduced by 0.6 percentage points. Declining long-term German government bond yields increase non-liquid assets, while negative yields boost these assets by 4.5% extra. In the first COVID-19 year, the investments in non-liquid assets were 7.6% smaller, while liquidity ratios increased by 2.3 percentage points. Originality / value of the article: Papers on the influence of negative interest rates and of COVID-19 on European firms are unavailable. This makes the paper relevant for firm managers and policy makers and a benchmark for future research. Implications of the research: Because the issues addressed are new, further research is valuable. One may think of comparable studies for different countries. Many other suggestions for further research are given in the conclusions.
    Źródło:
    Central European Review of Economics and Management; 2021, 5, 4; 117-143
    2543-9472
    Pojawia się w:
    Central European Review of Economics and Management
    Dostawca treści:
    Biblioteka Nauki
    Artykuł
      Wyświetlanie 1-3 z 3

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