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...

Ausführliche Beschreibung

Gespeichert in:
Bibliographische Detailangaben
Hauptverfasser: Fund, International Monetary, Guscina, Anastasia
Format: E-Book Buch
Sprache:Englisch
Veröffentlicht: Washington International Monetary Fund 01.01.2011
Ausgabe:1
Schlagworte:
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
Online-Zugang:Volltext
Tags: Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
Abstract 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.
AbstractList 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.
Author Mark de Broeck
Anastasia Guscina
Author_xml – sequence: 1
  fullname: Fund, International Monetary
– sequence: 2
  fullname: Guscina, Anastasia
BookMark eNo1kE1LAzEYhCN-YFv7H3IQPBWSbN68WW91bbVQ8FK8LsluFoPdpCZbwX_v0uppGOZhYGZKrkIM7oLMS9RcAoiS8VJckunJcAFFeUMmWmEpUEi4JfOcvWWF4goBiwnZvsRvl0LvwkCfnR3oJuejCY2jPtDhw9HVMUW6TM487ka36Q-mGWjsTtnahxH1Zk-r5LPPd-S6M_vs5n86I-_r1a56XWzfXjbVcrswUoDChZYCwZRMOnDWgABhGbbYttoy5ZS0LbOohOuQCyGV0gpYW3SNRGwBbFPMyMO5-JDi19HloXY2xs9mXJHMvl49VRw0cq1H8v5M-r6rD8n3Jv3U4xns_zDOSymLX2lnWtE
ContentType eBook
Book
DBID 2BV
C-M
KRY
DatabaseName IMF E-Library
IMF Books & Analytical Papers
International Monetary Fund (IMF)
DatabaseTitleList

DeliveryMethod fulltext_linktorsrc
Discipline Political Science
EISBN 9781455290192
145529019X
Edition 1
ExternalDocumentID EBC1587188
92709781455211944
GroupedDBID 089
2BV
A4J
AABBV
ABARN
ABQPQ
ACLGV
ADNEN
ADVEM
AERYV
AJFER
ALMA_UNASSIGNED_HOLDINGS
AUKZS
AZZ
BBABE
C-M
CZZ
HF4
IVK
IVN
JJU
KRY
MYL
PLCCB
PQEST
PQQKQ
PQUKI
ABMRC
AHWGJ
ID FETCH-LOGICAL-a42567-84275a904e5eba5252b07d7dd8b06e64bd0b762ef71224668650d3fc477d55bc3
ISBN 1455212539
9781455290192
9781455211944
145529019X
9781455212538
145521194X
IngestDate Wed Dec 10 10:22:00 EST 2025
Thu May 11 20:22:37 EDT 2023
IsOpenAccess true
IsPeerReviewed false
IsScholarly false
Keywords 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
LCCallNum_Ident HJ8615.B76 2011
Language English
LinkModel OpenURL
MergedId FETCHMERGED-LOGICAL-a42567-84275a904e5eba5252b07d7dd8b06e64bd0b762ef71224668650d3fc477d55bc3
OCLC 867927245
OpenAccessLink http://www.elibrary.imf.org/view/IMF001/11621-9781455211944/11621-9781455211944/11621-9781455211944.xml
PQID EBC1587188
PageCount 29
ParticipantIDs proquest_ebookcentral_EBC1587188
imf_primary_92709781455211944
PublicationCentury 2000
PublicationDate 01/01/2011
2011
PublicationDateYYYYMMDD 2011-01-01
PublicationDate_xml – month: 01
  year: 2011
  text: 01/01/2011
  day: 01
PublicationDecade 2010
PublicationPlace Washington
PublicationPlace_xml – name: Washington
PublicationYear 2011
Publisher International Monetary Fund
Publisher_xml – name: International Monetary Fund
SSID ssib036167573
ssj0000960825
Score 1.8503836
Snippet This paper documents and analyzes crisis-related changes in government debt issuance practices in the 16 euro zone countries and Denmark. Using a newly...
SourceID proquest
imf
SourceType Publisher
SubjectTerms Bond Issues
Debt Refinancing
European Union countries
Global Financial Crisis 2008-2009
Sovereign Debt
Sovereign Debt Management
State bonds
TableOfContents Cover Page -- Title Page -- Copyright Page -- Contents -- I. Introduction -- II. Database and Stylized Facts -- A. Database -- B. Stylized Facts -- 1. Changes in the Structure of Sovereign Borrowing -- III. Econometric Analysis and Results -- A. Determinants of Total Issuance -- 2A. Determinants of Total Debt Issuance -- 2B. Determinants of Total Debt Issuance-Exploring Heterogeneity -- B. Determinants of Issuance Composition -- 3A. Determinants of Auction Share in Total Issuance-Censored Tobit Estimation -- 3B. Determinants of Auction Share in Total Issuance-Exploring Heterogeneity -- 4A. Determinants of DLTF Issuance-Censored Tobit Estimation -- 4B. Determinants of DLTF Issuance-Exploring Heterogeneity -- IV. Conclusion -- A1. Changes in Total Debt Issuance -- A2. Changes in Number of Issues -- A3. Changes in Average Size of Issue -- A4. Variable Definitions and Sources -- Determinants of Total Debt Issuance-Estimated in Levels -- References -- Footnotes
Title Government Debt Issuance in the Euro Area:The Impact of the Financial Crisis
URI http://www.elibrary.imf.org/view/IMF001/11621-9781455211944/11621-9781455211944/11621-9781455211944.xml
https://ebookcentral.proquest.com/lib/[SITE_ID]/detail.action?docID=1587188
Volume v.Working Paper No. 11/21
hasFullText 1
inHoldings 1
isFullTextHit
isPrint
link http://cvtisr.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwtV1Na9swGBZttsNubbexbu3QobdicGzJknZLQ8NgpRTajrBLkCwZzDa3NOnoz-8jWVb6ARs79GL82rJk_Mjvh_R-EHIAY80JlbuMy1pkzNZjv0loMquUcNy7jhdNKDYhTk_lfK7OYiKbZSgnILpO3t2p6xeFGtcAtg-d_Q-4U6e4gHOAjiNgx_GJRpzImL4_lc31XGQVCuuFgIDoyugX3g8nUBLRUygunwIk_d1ZSr0xxX_fJlV70mkokMtWYzZBXHaJjfson0PrvQuuXP3z783tep300bLC4_VI8Be38l58s9tu8DXqLVCf5xzSj_cpWp6krlaFyFObsWJsk2yKCibyq8nltx_nw39fVmOYLVGNChIUZhUs1xCHFx-dJwJjqYGAMqPmQ-KuYZCHtH-xB7RvX0CLaH83z2RvUCgutsjIB5lskw3X7ZCt6ISof9HIat-SkzWa1KNJBzRp21HgRT2a1KP5BVjSHkt61YR7CUvaY_mOfJ8dX0y_ZrHyRabBQyG6JCsE1ypnjjujecELkwsrrJUmr1zFjM0NxJhrhN8ZrSoJRduWTc2EsJybunxPRh1A-0AobHrGtTCMlSHM2mjd2Noo2JJa1rrcJfv4HIvrPrnJ4hlmu4QOH2oRNvCj1_Di-Gg65rC3pfz4jy4-kTfrKbZHRqubW7dPXtd_Vu3y5nOcDfdF8T8a
linkProvider ProQuest Ebooks
openUrl ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.title=Government+Debt+Issuance+in+the+Euro+Area%3AThe+Impact+of+the+Financial+Crisis&rft.au=Anastasia+Guscina&rft.au=Mark+de+Broeck&rft.au=Anastasia+Guscina&rft.date=2011-01-01&rft.pub=International+Monetary+Fund&rft.isbn=9781455212538&rft.externalDocID=92709781455211944
thumbnail_l http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=9781455212538/lc.gif&client=summon&freeimage=true
thumbnail_m http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=9781455212538/mc.gif&client=summon&freeimage=true
thumbnail_s http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=9781455212538/sc.gif&client=summon&freeimage=true