The immediate effect of monetary union on EU-15 sovereign debt yield spreads

Gomez-Puig, Marta

Applied Economics, 2009, vol. 41, issue 7, pages 929-939

Abstract: Yield spreads (corrected for exchange rate risk) over 10-year German securities of European Union (EU) countries that did not join Economic and Monetary Union (EMU) experienced an average decrease of 14.20 basis points during the first 3 years after the beginning of Currency Union. Conversely, Euro-area countries' adjusted spreads registered an average rise of 11.98 basis points in the same period. This article examines the elements (a possible change in the relative importance of domestic or international risk factors) behind these results using both panel estimations in the two groups of countries and a country-by-country specification in each of them.

Date: 2009

Downloads: (external link)
http://www.informaworld.com/openurl?genre=article& ... 40C6AD35DC6213A474B5 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:taf:applec:v:41:y:2009:i:7:p:929-939

Ordering information: This journal article can be ordered from
http://www.tandf.co.uk/journals/subscription.html

Access Statistics for this article

Applied Economics is edited by Mark Taylor

More articles in Applied Economics from Taylor and Francis Journals
Series data maintained by Christopher F. Baum ().