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http://hdl.handle.net/2445/63553| Title: | EU-15 sovereign governments’ cost of borrowing after seven years of monetary union |
| Author: | Gómez-Puig, Marta |
| Keywords: | Unions monetàries Liquiditat (Economia) Risc (Economia) Mercat monetari Unió Europea Alemanya Monetary unions Liquidity (Economics) Risk Money market European Union Germany |
| Issue Date: | 2007 |
| Publisher: | Universitat de Barcelona. Institut de Recerca en Economia Aplicada Regional i Pública |
| Series/Report no: | [WP E-IR07/11] |
| Abstract: | Yield spreads over 10-year German government securities of the EU-15 countries converged dramatically in the seven years after the beginning of Monetary Integration. In this paper, we investigate the relative influence of systemic and idiosyncratic risk factors on their behaviour. Our conclusions suggest that in EMU-countries the relative importance of domestic risk factors (both credit and liquidity risk factors) is higher than that of international factors, which appear to play a secondary but significant role in non-EMU countries. |
| It is part of: | IREA – Working Papers, 2007, IR07/11 |
| URI: | http://hdl.handle.net/2445/63553 |
| ISSN: | 2014-1254 |
| Appears in Collections: | Documents de treball (Institut de Recerca en Economia Aplicada Regional i Pública (IREA)) |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| IR07-011_Gomez-Puig.pdf | 624.58 kB | Adobe PDF | View/Open |
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