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Debt crisis and 10-year sovereign yields in Ireland and in Portugal

Antonio Afonso and Jorge Silva ()

No 2017/06, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

Abstract: We assess the determinants of the 10-year sovereign yield for the period 2000-2015, in Portugal and in Ireland. Results show that the long-term Portuguese sovereign yield increased with the rise of the 10-year Bund yield and during the Securities Markets Programme, but decreased due to financial integration. Additionally, during the period of the economic and financial adjustment programme, there was evidence of additional rises (decreases) due to increases (decreases) in the 3-month Euribor rate, and the level of public debt. EU/IMF funding reduced sovereign yield. Key Words : 10-year sovereign yield, economic and financial adjustment programme, Portugal, Ireland.

JEL-codes: C20 E44 E62 G01 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-cfn and nep-mac
Date: 2017-03
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More papers in Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa Department of Economics, ISEG - Lisbon School of Economics and Management, Universidade de Lisboa, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL.
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