Has political communication during the crisis impacted sovereign bond spreads in the euro area?
Philipp Mohl () and
Applied Economics Letters, 2013, vol. 20, issue 1, 48-61
Using thousands of news agencies reports from May 2010 to June 2011, we find that statements about restructuring, bailout and the involvement of the European Financial Stability Facility (EFSF) have impacted bond spreads of countries in the periphery vis-à-vis Germany. Our findings also indicate that the more different euro area governments issued statements at the same time, the more bond spreads have increased. Finally, statements from politicians from AAA-rated countries seemed to have a particularly strong impact on spreads.
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