Please use this identifier to cite or link to this item: 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
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, IR07/011
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))

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