About: Government Bond Yields in the European Union: A Recent Development in the Euro Area and New Member States

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About: Government Bond Yields in the European Union: A Recent Development in the Euro Area and New Member States Goto Sponge NotDistinct Permalink

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rdf:type	skos:Concept http://linked.opendata.cz/ontology/domain/vavai/Vysledek
Description	The paper's results suggest that sovereign spreads are mainly driven by a common factor that reflects a global risk appetite. However, some specific factors play a role as well. In the euro area, the most important are sustainability of fiscal policy, performance of the banking sector, country's international competitiveness and bond market liquidity. In the new EU Member States, the results are not so convincing due to substantial heterogeneity among the countries. Nevertheless, fiscal balance, trade openness, inflation and prospects of economic growth can be considered as the key determinants. We reveal that the relationships between macroeconomic fundamentals and sovereign spreads were weakest at the peak of the financial crisis. Moreover, these relationships seem to be more robust in the euro area than in the new part of the EU. The paper's results suggest that sovereign spreads are mainly driven by a common factor that reflects a global risk appetite. However, some specific factors play a role as well. In the euro area, the most important are sustainability of fiscal policy, performance of the banking sector, country's international competitiveness and bond market liquidity. In the new EU Member States, the results are not so convincing due to substantial heterogeneity among the countries. Nevertheless, fiscal balance, trade openness, inflation and prospects of economic growth can be considered as the key determinants. We reveal that the relationships between macroeconomic fundamentals and sovereign spreads were weakest at the peak of the financial crisis. Moreover, these relationships seem to be more robust in the euro area than in the new part of the EU. (en)
Title	Government Bond Yields in the European Union: A Recent Development in the Euro Area and New Member States Government Bond Yields in the European Union: A Recent Development in the Euro Area and New Member States (en)
skos:prefLabel	Government Bond Yields in the European Union: A Recent Development in the Euro Area and New Member States Government Bond Yields in the European Union: A Recent Development in the Euro Area and New Member States (en)
skos:notation	RIV/47813059:19520/10:#0000552!RIV11-GA0-19520___
http://linked.open...avai/riv/aktivita	P
http://linked.open...avai/riv/aktivity	P(GA402/08/0067)
http://linked.open...vai/riv/dodaniDat	2011
http://linked.open...aciTvurceVysledku	Stavárek, Daniel
http://linked.open.../riv/druhVysledku	D - Článek ve sborníku
http://linked.open...iv/duvernostUdaju	S - Úplné a pravdivé údaje nepodléhající ochraně podle zvláštních právních předpisů
http://linked.open...titaPredkladatele	Slezská univerzita v Opavě / Obchodně podnikatelská fakulta v Karviné
http://linked.open...dnocenehoVysledku	260907
http://linked.open...ai/riv/idVysledku	RIV/47813059:19520/10:#0000552
http://linked.open...riv/jazykVysledku	eng - angličtina
http://linked.open.../riv/klicovaSlova	government bonds, spread, European Union, euro area, financial crisis (en)
http://linked.open.../riv/klicoveSlovo	government bonds European Union financial crisis spread euro area
http://linked.open...ontrolniKodProRIV	[48FFC90D77A7]
http://linked.open...v/mistoKonaniAkce	Ostravice
http://linked.open...i/riv/mistoVydani	Karviná
http://linked.open...i/riv/nazevZdroje	Proceedings of the 12th International Conference on Finance and Banking
http://linked.open...in/vavai/riv/obor	AH
http://linked.open...ichTvurcuVysledku	1 (xsd:int)
http://linked.open...cetTvurcuVysledku	1 (xsd:int)
http://linked.open...vavai/riv/projekt	Financial Integration of the EU New Member States with Eurozone
http://linked.open...UplatneniVysledku	2010
http://linked.open...iv/tvurceVysledku	Stavárek, Daniel
http://linked.open...vavai/riv/typAkce	WRD - Světová
http://linked.open...ain/vavai/riv/wos	BSX57
http://linked.open.../riv/zahajeniAkce	2009-01-01 (xsd:date)
number of pages	12 (xsd:int)
http://purl.org/ne...btex#hasPublisher	Silesian university in Opava, School in Business Administration in Karviná
https://schema.org/isbn	978-80-7248-592-5
http://localhost/t...ganizacniJednotka	19520

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