Sovereign risk, European crisis resolution policies and bond yields
Kilponen, Juha; Laakkonen, Helinä; Vilmunen, Jouko (15.06.2012)
Numero
22/2012Julkaisija
Bank of Finland
2012
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:bof-20140807600Tiivistelmä
We study the effects of the ECB monetary policy and the European crises resolution policies on the 10 year sovereign bond yields of seven European countries. We find that some of the decisions have had significant impact on sovereign bond yields and have succeeded in reducing stress in the financial markets. However, the impact of the same policy decision might have been positive for some countries while negative for others, suggesting that contagion effects may be important. The economically most significant effects on the bond yields have been due to the announcement of ECB's Securities Market Programme.
Julkaisuhuomautus
Published in International Journal of Central Banking, Volume 11, Number 2, March 2015: 285-323 ; http://www.ijcb.org/journal/ijcb15q2a8.htm