Discrimination par le marché entre les dettes des États membres de l'UEM

Anne Frémont, Jacques Melitz and Frédéric Zumer
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Frédéric Zumer: LARGEPA - Laboratoire de recherche en sciences de gestion Panthéon-Assas - UP2 - Université Panthéon-Assas

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Abstract: What will become of the interest spreads on the debts of different sovereign borrowers under EMU ? Will these always be small and merely reflect differences in liquidity, as they do today, or will they progressively widen and also reflect default risk? Such are the questions posed in this study. We offer a variety of reasons for doubting that the current convergence of interest rates in the euro zone constitutes a permanent situation. Prominent among these is a large set of new data of our own construction concerning the spreads on the debts of lower-level governments, or governments without money-issuing power, for a dozen countries. Those spreads clearly give rise to the suspicion that default-risk premia may reappear in the yields on the debts of different sovereigns in EMU.

Keywords: UEM; Dette (search for similar items in EconPapers)
Date: 2000-01
Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03389356v1
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Published in Revue de l'OFCE, 2000, 72, pp.39 - 69. ⟨10.3406/ofce.2000.1569⟩

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Journal Article: Discrimination par le marché entre les dettes des États membres de l'UEM (2000)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03389356

DOI: 10.3406/ofce.2000.1569

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