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 autoři:	Fund, International Monetary, Guscina, Anastasia
Médium:	E-kniha Kniha
Jazyk:	angličtina
Vydáno:	Washington International Monetary Fund 01.01.2011
Vydání:	1
Témata:	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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Obsah:

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