Italian Sovereign Spreads PDF Download
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Author | : Ms.Edda Zoli |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2013-04-03 |
Genre | : Business & Economics |
ISBN | : 1484351169 |
Download Italian Sovereign Spreads Book in PDF, ePub and Kindle
Volatility in Italian sovereign spreads has increased since mid-2011. This paper finds that news on the euro area debt crisis and country specific events were important drivers of sovereign spreads. Movements in sovereign spreads affect CDS spreads and bond yields of Italian banks, and are transmitted rapidly to firm lending rates. Banks with lower capital ratios and higher nonperforming loans were found to be more sensitive to swings in sovereign spreads. Credit supply constraints due to bank funding shortages from the sovereign debt crisis were a major factor behind the lending slowdown in late 2011, while in 2012 weak demand appears to have been driving changes in credit more than supply.
Author | : Ms.Edda Zoli |
Publisher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 2013-04-03 |
Genre | : Business & Economics |
ISBN | : 1484357701 |
Download Italian Sovereign Spreads Book in PDF, ePub and Kindle
Volatility in Italian sovereign spreads has increased since mid-2011. This paper finds that news on the euro area debt crisis and country specific events were important drivers of sovereign spreads. Movements in sovereign spreads affect CDS spreads and bond yields of Italian banks, and are transmitted rapidly to firm lending rates. Banks with lower capital ratios and higher nonperforming loans were found to be more sensitive to swings in sovereign spreads. Credit supply constraints due to bank funding shortages from the sovereign debt crisis were a major factor behind the lending slowdown in late 2011, while in 2012 weak demand appears to have been driving changes in credit more than supply.
Author | : Donato Ceci |
Publisher | : |
Total Pages | : 0 |
Release | : 2022 |
Genre | : |
ISBN | : |
Download Sovereign Spreads and Economic Fundamentals Book in PDF, ePub and Kindle
Author | : |
Publisher | : |
Total Pages | : 30 |
Release | : 2015 |
Genre | : |
ISBN | : 9789289915953 |
Download The Impact of Fiscal Policy Announcements by the Italian Government on the Sovereign Spread Book in PDF, ePub and Kindle
This paper attempts to evaluate the impact of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three administrations that followed one another during the period 2009-2013. The results indicate that only fiscal policy announcements made by members of Monti's cabinet had a significant impact on the Italian spread. We argue that these findings may be partly explained by a credibility gap between Monti's technocratic administration and Berlusconi's and Letta's governments.
Author | : Matteo Falagiarda |
Publisher | : |
Total Pages | : 24 |
Release | : 2014 |
Genre | : |
ISBN | : |
Download Fiscal Policy Announcements of Italian Governments and Spread Reaction During the Sovereign Debt Crisis Book in PDF, ePub and Kindle
This paper attempts to evaluate the effects of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three cabinets that followed one another during the period 2009-2013. The results suggest that only fiscal policy announcements made by members of Monti's cabinet have been effective in influencing the Italian spread, revealing a remarkable credibility gap between Monti's technocratic administration and Berlusconi's and Letta's governments.
Author | : Mr.Giovanni Dell'Ariccia |
Publisher | : International Monetary Fund |
Total Pages | : 54 |
Release | : 2018-09-07 |
Genre | : Business & Economics |
ISBN | : 1484359623 |
Download Managing the Sovereign-Bank Nexus Book in PDF, ePub and Kindle
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author | : Eric Helleiner |
Publisher | : Cornell University Press |
Total Pages | : 290 |
Release | : 2018-07-05 |
Genre | : Political Science |
ISBN | : 1501720724 |
Download The Making of National Money Book in PDF, ePub and Kindle
Why should each country have its own exclusive currency? Eric Helleiner offers a fascinating and unique perspective on this question in his accessible history of the origins of national money. Our contemporary understandings of national currency are, Helleiner shows, surprisingly recent. Based on standardized technologies of production and extraction, territorially exclusive national currencies emerged for the first time only during the nineteenth century. This major change involved a narrow definition of legal tender and the exclusion of tokens of value issued outside the national territory. "Territorial currencies" rapidly became bound up with the rise of national markets, and money reflected basic questions of national identity and self-presentation: In what way should money be managed to serve national goals? Whose pictures should go on the banknotes? Helleiner draws out the potent implications of this largely unknown history for today's context. Territorial currencies face challenges from many monetary innovations—the creation of the euro, dollarization, the spread of local currencies, and the prospect of privately issued electronic currencies. While these challenges are dramatic, the author argues that their significance should not be overstated. Even in their short historical life, territorial currencies have never been as dominant as conventional wisdom suggests. The future of this kind of currency, Helleiner contends, depends on political struggles across the globe, struggles that echo those at the birth of national money.
Author | : International Monetary Fund. European Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 29 |
Release | : 2023-07-26 |
Genre | : Business & Economics |
ISBN | : |
Download Italy Book in PDF, ePub and Kindle
Italy: Selected Issues
Author | : Giancarlo Corsetti |
Publisher | : International Monetary Fund |
Total Pages | : 49 |
Release | : 2013-11-06 |
Genre | : Business & Economics |
ISBN | : 1475516800 |
Download Sovereign Risk and Belief-Driven Fluctuations in the Euro Area Book in PDF, ePub and Kindle
Sovereign risk premia in several euro area countries have risen markedly since 2008, driving up credit spreads in the private sector as well. We propose a New Keynesian model of a two-region monetary union that accounts for this “sovereign risk channel.” The model is calibrated to the euro area as of mid-2012. We show that a combination of sovereign risk in one region and strongly procyclical fiscal policy at the aggregate level exacerbates the risk of belief-driven deflationary downturns. The model provides an argument in favor of coordinated, asymmetric fiscal stances as a way to prevent selffulfilling debt crises.
Author | : Miguel A. Segoviano Basurto |
Publisher | : International Monetary Fund |
Total Pages | : 31 |
Release | : 2010-05-01 |
Genre | : Business & Economics |
ISBN | : 1455200794 |
Download Sovereign Spreads Book in PDF, ePub and Kindle
Over the past year, euro area sovereign spreads have exhibited an unprecedented degree of volatility. This paper explores how much of these large movements reflected shifts in (i) global risk aversion (ii) country-specific risks, directly from worsening fundamentals, or indirectly from spillovers originating in other sovereigns. The analysis shows that earlier in the crisis, the surge in global risk aversion was a significant factor influencing sovereign spreads, while recently country-specific factors have started playing a more important role. The perceived source of contagion itself has changed: previously, it could be found among those sovereigns hit hard by the financial crisis, such as Austria, the Netherlands, and Ireland, whereas lately the countries putting pressure on euro area government bonds have been primarily Greece, Portugal, and Spain, as the emphasis has shifted towards short-term refinancing risk and long-term fiscal sustainability. The paper concludes that debt sustainability and appropriate management of sovereign balance sheets are necessary conditions for preventing sovereign risk from feeding back into broader financial stability concerns.