Hidden Bibliographic Details
| Other authors / contributors: | Guscina, Anastasia, author.
International Monetary Fund. European Department, issuing body.
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| ISBN: | 1283554062
9781283554060
9781455290192
145529019X
9781455212538
1455212539
146231435X
9781462314355
9786613866516
6613866512
9781455211944
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| Digital file characteristics: | data file
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| Notes: | Includes bibliographical references.
English.
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| Summary: | This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly constructed database on primary market debt issuance during 2007-09, we find evidence of a shift away from pre-crisis standards of best funding practices competitive auctions of debt instruments with a fixed coupon, long maturity and local currency denomination (DLTF). Exploiting the cross-country panel data dimension of the data, we conclude that the crisis and related changes in the macroeconomic environment and investor sentiment can account for a significant proportion of the deviation. The negative effect of the crisis on DLTF debt issuance was especially pronounced in high deficit and high debt euro area countries, and has forced governments to assume additional risk.
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| Other form: | Print version: Fund, International Monetary. Government Debt Issuance in the Euro Area:The Impact of the Financial Crisis. Washington : International Monetary Fund, ©2011 9781455211944
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