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An Assessment Of The Current State Of Government Bond Market Integration In The Periphery Of The Euro Area
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Book Synopsis An assessment of the current state of government bond market integration in the periphery of the euro area by : Marc Blunden
Download or read book An assessment of the current state of government bond market integration in the periphery of the euro area written by Marc Blunden and published by GRIN Verlag. This book was released on 2015-09-30 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2010 in the subject Economics - Finance, grade: 80, University of Brighton, course: International Financial Markets, language: English, abstract: As the European Union emerges from its worst recession since the Second World War, it has to tackle an equally pressing issue: a sovereign debt crisis. Yield spreads in Greece, Portugal, Ireland and Spain have soared. The era of cheap government borrowing and integrated euro area (EA) government bond markets appears to be over, and fractures in EA solidarity are present. This dissertation seeks to update existing literature by assessing the current state of government bond market integration in the EA. Results suggest that many years of financial integration in EA government bond markets has been reversed in a few months, and that the status quo is not sustainable for the peripheral member countries. Unless Greece, Portugal, Ireland and (to a lesser extent) Spain adopt significant microeconomic structural reforms to regain long-lost competitiveness vis-à-vis the EA’s core (notably Germany), whilst at the same time avoid falling back into deep recession, the Euro project will not be able to continue in its current form.
Book Synopsis Sovereign Bond Market Integration by : Alexander Schulz
Download or read book Sovereign Bond Market Integration written by Alexander Schulz and published by . This book was released on 2008 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Different driving factors of sovereign bond market integration are disentangled by studying yield co-movements of EMU countries, the UK, the US and 16 German Länder in the last 15 years. At a low frequency of weeks, bond market integration has increased gradually in the course of the last 15 years in EMU countries, as well as the UK, the US and the German Länder. The euro, as well as increasing international capital flows, appears to drive low frequency integration. In contrast, yield adjustments to changes of the German benchmark bond at high frequencies, i.e., 2 days, remain relatively low until October 2000, when a sharp increase in integration can be observed in all samples. The increase in high frequency integration can be attributed to electronic trading platforms becoming functional. The change-over from national currencies to the euro can not explain the dramatic increase in high-frequency integration.
Book Synopsis Managing the Sovereign-Bank Nexus by : Mr.Giovanni Dell'Ariccia
Download or read book Managing the Sovereign-Bank Nexus written by Mr.Giovanni Dell'Ariccia and published by International Monetary Fund. This book was released on 2018-09-07 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Book Synopsis Sovereign Rating News and Financial Markets Spillovers by : Bertrand Candelon
Download or read book Sovereign Rating News and Financial Markets Spillovers written by Bertrand Candelon and published by International Monetary Fund. This book was released on 2011-03-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign rating downgrades have statistically and economically significant spillover effects both across countries and financial markets. The sign and magnitude of the spillover effects depend both on the type of announcements, the source country experiencing the downgrade and the rating agency from which the announcements originates. However, we also find evidence that downgrades to near speculative grade ratings for relatively large economies such as Greece have a systematic spillover effects across Euro zone countries. Rating-based triggers used in banking regulation, CDS contracts, and investment mandates may help explain these results.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1616352477 Total Pages :94 pages Book Rating :4.6/5 (163 download)
Book Synopsis Global Financial Stability Report, April 2012 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Global Financial Stability Report, April 2012 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2012-04-18 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: The April 2012 Global Financial Stability Report assesses changes in risks to financial stability over the past six months, focusing on sovereign vulnerabilities, risks stemming from private sector deleveraging, and assessing the continued resilience of emerging markets. The report probes the implications of recent reforms in the financial system for market perception of safe assets, and investigates the growing public and private costs of increased longevity risk from aging populations.
Book Synopsis BUSINESS ENVIRONMENT by : VEENA KESHAV PAILWAR
Download or read book BUSINESS ENVIRONMENT written by VEENA KESHAV PAILWAR and published by PHI Learning Pvt. Ltd.. This book was released on 2014-01-16 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: Designed primarily as a text for undergraduate and postgraduate students of management and commerce, this comprehensive and well-organized book equips the readers with the knowledge to analyze the domestic and global business environment. The focus of the book is on the assessment of the evolving business scenario using analytical underpinnings and latest data. This book clearly brings out the implications of changes in socio-economic and legal environment of business, and covers business environment by tracking changes in national income, inflation, fiscal deficit, money supply, exchange rate, balance of payment and many other economic variables. Besides, it briefs on legal aspects, deliberates on demographic changes and changes in technical and natural environment of business. Besides students, practising managers and policy makers will also find the book as a useful reference. Key Features • Illustrations using latest data (upto June 2013) • Boxes containing numerical illustrations and technical details • Cases depicting Indian Business Environment and providing glimpses of evolving global business environment • Review questions, numerical problems and case analysis Companion Website: This text is supported by the companion website: www.phindia.com/veenapailwar/ containing useful resources for the teachers and study aids for the students. Instructors’ Resources: To support the teaching efforts the website contains—Answers to the end of the chapter Numerical Problems with explanation; More than 1000 crisp, clear and colourful PowerPoint Slides; and more than 1000 Multiple Choice Questions. Students’ Resources: To strengthen the understanding of the students on the subject the website resources comprise—Interactive Multiple Choice Questions and hints for solving chapter-end Numerical Problems.
Book Synopsis Governance for the Eurozone by : José Borrell Fontelles
Download or read book Governance for the Eurozone written by José Borrell Fontelles and published by . This book was released on 2012-07-11 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Handbook of Financial Integration by : Guglielmo M. Caporale
Download or read book Handbook of Financial Integration written by Guglielmo M. Caporale and published by Edward Elgar Publishing. This book was released on 2024-05-02 with total page 683 pages. Available in PDF, EPUB and Kindle. Book excerpt: This comprehensive Handbook deftly examines key aspects of financial integration, providing an overview of contemporary research and new perspectives. Employing state of the art econometric methods to obtain new empirical evidence, it will be critical for designing optimal policies, and appropriate investment and risk management strategies.
Author :International Monetary Fund. Monetary and Capital Markets Department Publisher :International Monetary Fund ISBN 13 :1475589581 Total Pages :160 pages Book Rating :4.4/5 (755 download)
Book Synopsis Global Financial Stability Report, April 2013 by : International Monetary Fund. Monetary and Capital Markets Department
Download or read book Global Financial Stability Report, April 2013 written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2013-04-17 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Global Financial Stability Report examines current risks facing the global financial system and policy actions that may mitigate these. It analyzes the key challenges facing financial and nonfinancial firms as they continue to repair their balance sheets. Chapter 2 takes a closer look at whether sovereign credit default swaps markets are good indicators of sovereign credit risk. Chapter 3 examines unconventional monetary policy in some depth, including the policies pursued by the Federal Reserve, the Bank of England, the Bank of Japan, the European Central Bank, and the U.S. Federal Reserve.
Book Synopsis Sovereign Spreads by : Miguel A. Segoviano Basurto
Download or read book Sovereign Spreads written by Miguel A. Segoviano Basurto and published by International Monetary Fund. This book was released on 2010-05-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past year, euro area sovereign spreads have exhibited an unprecedented degree of volatility. This paper explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-specific risks, directly from worsening fundamentals, or indirectly from spillovers originating in other sovereigns. The analysis shows that earlier in the crisis, the surge in global risk aversion was a significant factor influencing sovereign spreads, while recently country-specific factors have started playing a more important role. The perceived source of contagion itself has changed: previously, it could be found among those sovereigns hit hard by the financial crisis, such as Austria, the Netherlands, and Ireland, whereas lately the countries putting pressure on euro area government bonds have been primarily Greece, Portugal, and Spain, as the emphasis has shifted towards short-term refinancing risk and long-term fiscal sustainability. The paper concludes that debt sustainability and appropriate management of sovereign balance sheets are necessary conditions for preventing sovereign risk from feeding back into broader financial stability concerns.
Book Synopsis Economic Convergence in the Euro Area: Coming Together or Drifting Apart? by : Mr.Jeffrey R. Franks
Download or read book Economic Convergence in the Euro Area: Coming Together or Drifting Apart? written by Mr.Jeffrey R. Franks and published by International Monetary Fund. This book was released on 2018-01-23 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Book Synopsis A Banking Union for the Euro Area by : Rishi Goyal
Download or read book A Banking Union for the Euro Area written by Rishi Goyal and published by International Monetary Fund. This book was released on 2013-02-12 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: The SDN elaborates the case for, and the design of, a banking union for the euro area. It discusses the benefits and costs of a banking union, presents a steady state view of the banking union, elaborates difficult transition issues, and briefly discusses broader EU issues. As such, it assesses current plans and provides advice. It is accompanied by three background technical notes that analyze in depth the various elements of the banking union: a single supervisory framework; a single resolution and common safety net; and urgent issues related to repair of weak banks in Europe.
Book Synopsis Effectiveness and Channels of Macroprudential Instruments by : Mr.Thierry Tressel
Download or read book Effectiveness and Channels of Macroprudential Instruments written by Mr.Thierry Tressel and published by International Monetary Fund. This book was released on 2016-01-12 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis has highlighted the importance of setting up macro-prudential oversight frameworks, having effective macro-prudential instruments in place to be called upon to mitigate growing financial imbalances as needed. We develop a new approach using the euro area Bank Lending Survey to assess the effectiveness of macro-prudential policies in containing credit growth and house price appreciation in mortgage markets. We find instruments targeting the cost of bank capital most effective in slowing down mortgage credit growth, and that the impact is transmitted mainly through price margins, the same banking channel as monetary policy. Limits on loan-to-value ratios are also effective, especially when monetary policy is excessively loose.
Book Synopsis Asymmetric Crisis in Europe and Possible Futures by : Johannes Jäger
Download or read book Asymmetric Crisis in Europe and Possible Futures written by Johannes Jäger and published by Routledge. This book was released on 2015-04-10 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis in Europe is often discussed as a crisis of European integration or a crisis of national economies within Europe. Both the ‘methodological Europeanism’ and ‘methodological nationalism’ miss out the important links between economic and political processes at different spatial scales within Europe, and therefore, asymmetries and phenomena of uneven development. In addition, a discussion of possible scenarios which systematically addresses the implications of anti-crisis policies is missing. This volume seeks to close this gap by systematically integrating the analysis of economic policy or ‘technical’ solutions to the crisis within a broader framework of political economy. It argues that combining critical political economy approaches and post-Keynesian perspectives allows for a systematic understanding of the economic and political dimensions of the crisis. Although both approaches have the capacity to deal with asymmetries and uneven development, the heterogeneity in Europe has been an often largely neglected dimension of analysis. However, this recent crisis has shown that this is an essential dimension which has to be addressed in order to better understand the dynamics of European development and integration. Hence, this book aims to deal with asymmetries in Europe and to bridge the gap between the two perspectives. This work will initiate an integrative debate that is crucial for a deeper understanding of the current crisis and is an important resource for all students and scholars of IPE, European political economy and European politics.
Book Synopsis International Macroeconomics in the Wake of the Global Financial Crisis by : Laurent Ferrara
Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.
Book Synopsis States, Debt, and Power by : Kenneth Dyson
Download or read book States, Debt, and Power written by Kenneth Dyson and published by OUP Oxford. This book was released on 2014-06-19 with total page 801 pages. Available in PDF, EPUB and Kindle. Book excerpt: States, Debt, and Power argues for the importance of situating our contextually influenced thinking about European states and debt within a commitment to historically informed and critical analysis. It teases out certain broad historical patterns. The book also examines the inescapably difficult and contentious judgements about 'bad' and 'good' debt; about what constitutes sustainable debt; and about distributive justice at times of sovereign debt crisis. These judgements offer insight into the nature of power and the contingent nature of sovereign creditworthiness. Three themes weave through the book: the significance of creditor-debtor state relations in defining asymmetry of power; the context-specific and constructed character of debt, above all in relation to war; and the limitations of formal economic reasoning in the face of radical uncertainty. Part I examines case studies from Ancient Greece to the modern Euro Area and brings together a wealth of historical data that cast fresh light on how sovereign debt problems are debated and addressed. Part II looks at the conditioning and constraining framework of law, culture, and ideology and their relationship to the use of policy instruments. Part III shows how the problems of matching the assumption of liability with the exercise of control are rooted in external trade and financial imbalances and external debt; in financial markets and vulnerability to banking crisis; in the character of the 'private governance of public debt'; in who has power over indicators of sustainability; in domestic institutional and political arrangements; and in sub-national fiscal governance. Part IV looks at how the problems of mismatch between liability and control take on an acute form within the historical context of European monetary union, above all in Euro Area debt crises.
Book Synopsis The Liberal Heart of Europe by : Francesco Giavazzi
Download or read book The Liberal Heart of Europe written by Francesco Giavazzi and published by Springer Nature. This book was released on 2021-04-15 with total page 187 pages. Available in PDF, EPUB and Kindle. Book excerpt: Was the European Union ever a liberal dream? How did the common market impact the liberalization in its member states? Has the EU fostered more or less economic freedom in the Old Continent? This book explores the intellectual and political genesis of the European Union, focusing especially on its relationship to classical liberalism. It explains how the new enthusiasm for liberalization associated with Reagan and Thatcher helped revive the European project in the 1980s, while providing some insights on the current challenges Europe is facing as a result of the financial crisis and the Covid-19 pandemic. The contributors highlight the role of liberal, pro-market ideas played in shaping the EU, the single market and the euro, and how these should be coming into play again if the European project is to be reanimated. This volume originates from a conference the Italian think tank Istituto Bruno Leoni hosted in 2019 and is dedicated to Alberto Giovannini (1955-2019). Giovannini was an influential macroeconomist and financial economist. His vast legacy of studies and ideas prompted this book in his honor, on the occasion of his untimely passing away.
