Government debt issuance in the Euro area : the impact of the financial crisis /

Government debt issuance in the Euro area : the impact of the financial crisis /

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Bibliographic Details
Author / Creator:	Broeck, Mark de, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, [2011], ©2010.
Description:	1 online resource (30 pages)
Language:	English
Series:	IMF working paper ; WP/11/21 IMF working paper ; WP/11/21.
Subject:	State bonds -- European Union countries. Debts, Public -- European Union countries. Global Financial Crisis, 2008-2009. Eurozone. Debts, Public. Eurozone. State bonds. European Union countries.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12498991

Hidden Bibliographic Details
Other authors / contributors:	Guscina, Anastasia, author. International Monetary Fund. European Department, issuing body.
ISBN:	1283554062 9781283554060 9781455290192 145529019X 9781455212538 1455212539 146231435X 9781462314355 9786613866516 6613866512 9781455211944
Digital file characteristics:	data file
Notes:	Includes bibliographical references. English.
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.
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

Description
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.
Physical Description:	1 online resource (30 pages)
Bibliography:	Includes bibliographical references.
ISBN:	1283554062 9781283554060 9781455290192 145529019X 9781455212538 1455212539 146231435X 9781462314355 9786613866516 6613866512 9781455211944