کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5101161 1377276 2017 28 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Risk assessment on euro area government bond markets - The role of governance
ترجمه فارسی عنوان
ارزیابی ریسک در بازار اوراق قرضه دولتی یورو - نقش حکومت
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی
Since the announcement of the outright monetary transactions program (OMT) government bond yield spreads have decreased substantially, but have not fallen to pre-crisis levels. This paper argues that the debt-to-GDP ratio has become less relevant as a determinant for government bond spreads, while financial markets have become more concerned about the willingness and the capability to cooperate with the institutions that conduct the adjustment programs since the announcement of OMT. The paper links the willingness and the capability to cooperate to political stability and the quality of governance, for which the indicators are available from the World Bank. By means of a time-varying coefficient approach it can be shown that the coefficient for a composite World Bank indicator on the quality of governance has outpaced other possible determinants of government bond spreads since the announcement of OMT.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 73, Part A, May 2017, Pages 104-117
نویسندگان
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