Government Debt Issuance in the Euro Area:The Impact of the Financial Crisis

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 prac...

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Hlavní autori: Fund, International Monetary, Guscina, Anastasia
Médium: E-kniha Kniha
Jazyk:English
Vydavateľské údaje: Washington International Monetary Fund 01.01.2011
Vydanie:1
Predmet:
Bond Issues
Debt Refinancing
European Union countries
Global Financial Crisis 2008-2009
Sovereign Debt
Sovereign Debt Management
State bonds
Single Variables: Models with Panel Data
Fiscal policy
International Lending and Debt Problems
International Finance: Other
Fiscal Policies and Behavior of Economic Agents: General
Financial crisis
Single Variables: Truncated and Censored Models
National Debt
Single Equation Models
International Financial Markets
Euro area
Cross country analysis
Debt Management
ISBN:1455212539, 9781455290192, 9781455211944, 145529019X, 9781455212538, 145521194X
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Shrnutí: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.
ISBN:1455212539
9781455290192
9781455211944
145529019X
9781455212538
145521194X