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Paths to Eurobonds

Paths to Eurobonds »

Volume/Issue: 2012/172

Series: IMF Working Papers

Author(s): Ashoka Mody , Stijn Claessens , and Shahin Vallée

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

DOI: http://dx.doi.org/10.5089/9781475505207.001

ISBN: 9781475505207

Keywords: Eurobonds, eurozone, fiscal risk-sharing, bonds, bond, financial markets, moral hazard, Financial Markets and the Macroeconomy, International Monetary Arrangements and Institutions, Financial Aspects of Economic Integration

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help...

Structural Reforms in Government Bond Markets

Structural Reforms in Government Bond Markets »

Volume/Issue: 1998/108

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 August 1998

DOI: http://dx.doi.org/10.5089/9781451853070.001

ISBN: 9781451853070

Keywords: government debt, relationship lending, derivatives, variance ratio, bond, government bonds, stock exchange, bonds, bond yields

The paper documents institutional reforms that have taken place in the government debt markets of many industrial countries since the early 1980s, and investigates the impact of three key changes: (i) the move from...

The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions

The Fundamental Determinants of Credit Default Risk for European Large Complex Financial Institutions »

Volume/Issue: 2010/153

Series: IMF Working Papers

Author(s): Jiri Podpiera , and Inci Ötker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 June 2010

DOI: http://dx.doi.org/10.5089/9781455201365.001

ISBN: 9781455201365

Keywords: Large Complex Financial Institutions, dynamic panel data, CAMELS, vulnerability analysis, bond, autocorrelation, corporate bond, statistics, standard errors, Financial Institutions and Services: Government Policy and Regulation

This paper attempts to identify the fundamental variables that drive the credit default swaps during the initial phase of distress in selected European Large Complex Financial Institutions (LCFIs). It uses yearly d...

The Use of Financial Spreads As Indicator Variables
			: Evidence for the U.K. and Germany

The Use of Financial Spreads As Indicator Variables : Evidence for the U.K. and Germany »

Volume/Issue: 1994/31

Series: IMF Working Papers

Author(s): E. Davis , and S. Henry

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1994

DOI: http://dx.doi.org/10.5089/9781451844986.001

ISBN: 9781451844986

Keywords: equations, equation, bond, bonds, explanatory power

There has been growing interest in the use of financial spreads as advance indicators of real activity and inflation. Empirical evidence is marshalled on a range of spreads when these are used in vector autoregress...

The Yield Curve and Real Activity

The Yield Curve and Real Activity »

Volume/Issue: 1993/19

Series: IMF Working Papers

Author(s): Zuliu Hu

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1993

DOI: http://dx.doi.org/10.5089/9781451843705.001

ISBN: 9781451843705

Keywords: forecasting, stock price, stock prices, bonds, bond

The financial press frequently suggest that the shape of yield curve reflects information about the prospects of the economy. This paper attempts to formalize the link between the yield curve and the real economic...

Unanticipated Shocks and Systemic Influences
			: The Impact of Contagion in Global Equity Markets in 1998

Unanticipated Shocks and Systemic Influences : The Impact of Contagion in Global Equity Markets in 1998 »

Volume/Issue: 2003/84

Series: IMF Working Papers

Author(s): Brenda Gonzalez-Hermosillo , Vance Martin , Renee Fry , and Mardi Dungey

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2003

DOI: http://dx.doi.org/10.5089/9781451850666.001

ISBN: 9781451850666

Keywords: Contagion, International Spillovers, Russia, LTCM, financial markets, bond, equity market, Multiple or Simultaneous Equation Models: Models with Panel Data, Financial Markets and the Macroeconomy, International Lending and Debt Problems,

August to September 1998 has been characterized as one of the worst episodes of global financial distress in decades. This paper investigates the transmission of the Russian and the LTCM crises through global equit...

International Currencies and Endogenous Enforcement

International Currencies and Endogenous Enforcement »

Source: International Currencies and Endogenous Enforcement : An Empirical Analysis

Volume/Issue: 1997/29

Series: IMF Working Papers

Author(s): Roohi Prem

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 1997

ISBN: 9781451844764

Keywords: Enforcement, equation, statistics, bond, bond issues, international bond issues

This paper investigates the determinants of the international role of a currency. It argues that standard determinants such as monetary performance and financial openness are at best imperfect indicators of a curre...

Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies

Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies »

Source: Long-Run and Short-Run Determinants of Sovereign Bond Yields in Advanced Economies

Volume/Issue: 2012/271

Series: IMF Working Papers

Author(s): Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 08 November 2012

ISBN: 9781475529142

Keywords: Government bond yields, long-run and short-run determinants, panel cointegration, bond yields, bond, government bond, Models with Panel Data, Asset Pricing,

We analyze determinants of sovereign bond yields in 22 advanced economies over the 1980-2010 period using panel cointegration techniques. The application of cointegration methodology allows distinguishing between l...

Nominal Exchange Rates and Nominal Interest Rate Differentials

Nominal Exchange Rates and Nominal Interest Rate Differentials »

Source: Nominal Exchange Rates and Nominal Interest Rate Differentials

Volume/Issue: 1999/141

Series: IMF Working Papers

Author(s): Francisco Nadal De Simone , and Weshah Razzak

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1999

ISBN: 9781451856163

Keywords: Exchange rates, interest rate differential, bonds market, cointegration, common cycles, exchange rate, nominal exchange rate, bond, nominal interest rate

This paper reexamines some unsettled theoretical and empirical issues regarding the relationship between nominal exchange rates and interest rate differentials and provides a model for the behavior of exchange rate...

Paths to Eurobonds

Paths to Eurobonds »

Source: Paths to Eurobonds

Volume/Issue: 2012/172

Series: IMF Working Papers

Author(s): Ashoka Mody , Stijn Claessens , and Shahin Vallée

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2012

ISBN: 9781475505207

Keywords: Eurobonds, eurozone, fiscal risk-sharing, bonds, bond, financial markets, moral hazard, Financial Markets and the Macroeconomy, International Monetary Arrangements and Institutions, Financial Aspects of Economic Integration

This paper discusses proposals for common euro area sovereign securities. Such instruments can potentially serve two functions: in the short-term, stabilize financial markets and banks and, in the medium-term, help...