scholarly journals Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies

2014 ◽  
Author(s):  
Serkan Arslanalp ◽  
Tigran Poghosyan
Keyword(s):  
Foreign Investor ◽  
Bond Yields ◽  
Sovereign Bond ◽  
Advanced Economies

scholarly journals Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies

2014 ◽  
Vol 14 (27) ◽  
Author(s):  
Serkan Arslanalp ◽  
Tigran Poghosyan ◽  
◽  
Keyword(s):  
Foreign Investor ◽  
Bond Yields ◽  
Sovereign Bond ◽  
Advanced Economies

scholarly journals Foreign Investor Flows and Sovereign Bond Yields in Advanced Economies

2016 ◽  
Vol 2016 (2) ◽  
pp. 45-67 ◽  
Author(s):  
Serkan Arslanalp ◽  
◽  
Tigran Poghosyan ◽  
Keyword(s):  
Foreign Investor ◽  
Bond Yields ◽  
Sovereign Bond ◽  
Advanced Economies

SNB move will accentuate bond-equity divergence

2015 ◽  
Keyword(s):  
Euro Area ◽  
Yield Curve ◽  
Equity Markets ◽  
Bond Markets ◽  
Quantitative Easing ◽  
Bond Yields ◽  
Content Type ◽  
Sovereign Bond ◽  
Advanced Economies ◽  
The Us

Significance The move mainly aims to pre-empt the widely anticipated launch of a sovereign quantitative easing (QE) programme by the ECB on January 22. However, it will accentuate divergences between bond and equity markets. Sovereign bond yields for most advanced economies are falling to new lows and are increasingly negative at the shorter end of the yield curve, because of deflation fears and lacklustre growth outlooks. Yet equity markets are hovering near record highs, buoyed by the US recovery and expectations of further monetary stimulus in the euro-area. Impacts Bond markets will be driven by deflation fears, while equity markets, especially US stocks, will be buoyed by Goldilocks-type conditions. Market expectations that the ECB will launch a sovereign QE programme will make bond yields fall further. Bond yields will be suppressed by investor scepticism about the ECB's ability to reflate the euro-area economy.

scholarly journals How long can austerity persist? The factors that sustain fiscal consolidations

2013 ◽  
Vol 2 (1) ◽  
pp. 5 ◽  
Author(s):  
David Lodge ◽  
Marta Rodriguez-Vives
Keyword(s):  
Public Debt ◽  
Bond Yields ◽  
Hazard Functions ◽  
Macroeconomic Conditions ◽  
Sovereign Bond ◽  
Fiscal Adjustment ◽  
Financial Conditions ◽  
Advanced Economies ◽  
Political Cycle

To put public debt on a sustainable path, many governments face the task of enacting large fiscal consolidation followed by years of sustained primary surpluses. By estimating hazard functions for the duration of consolidations, we analyse the features of past consolidation efforts across a panel of advanced economies. Our contribution is to identify the factors that help to start and sustain consolidations, separately discussing governments’ “commitment” to the cause as well as their “capacity” for action. Our analysis suggests that longer consolidations are initiated when public debt is high, fiscal deficits are large, the interest burden heavy and long-term sovereign bond yields elevated. However, we also find that a countries’ “capacity” to change course is important. Higher initial private sector savings, a stronger external balance, a competitive position and stable financial conditions appear to provide more scope for governments to sustain longer-lasting consolidations. Once we have controlled for the initial macroeconomic conditions, there is a lesser role for governments’ commitment as reflected in factors such as the composition and the pace of the fiscal adjustment or the political cycle in explaining the duration of consolidation. However, commitment to permanent, rather than temporary, fiscal adjustment is key.

scholarly journals The Impact of the Introduction of Uniform European Collective Action Clauses on European Government Bonds as a Regulatory Result of the European Sovereign Debt Crisis

2020 ◽  
Vol 14 (1) ◽  
pp. 1
Author(s):  
Nicoletta Layher ◽  
Eyden Samunderu
Keyword(s):  
European Union ◽  
Sovereign Debt ◽  
Debt Crisis ◽  
Sovereign Debt Crisis ◽  
The European Union ◽  
Bond Yields ◽  
Member States ◽  
Sovereign Bond ◽  
European Sovereign Debt Crisis ◽  
Collective Action Clauses

This paper conducts an empirical study on the inclusion of uniform European Collective Action Clauses (CACs) in sovereign bond contracts issued from member states of the European Union, introduced as a regulatory result of the European sovereign debt crisis. The study focuses on the reaction of sovereign bond yields from European Union member states with the inclusion of the new regulation in the European Union. A two-stage least squares regression analysis is adopted in order to determine the extent of impact effects of CACs on member states sovereign bond yields. Evidence is found that CACs in the European Union are priced on financial markets and that sovereign bond yields do respond to the inclusion of uniform CACs in the European Union.

Real Money Investors and Sovereign Bond Yields

2013 ◽  
Author(s):  
Laura Jaramillo ◽  
Y. Sophia Zhang
Keyword(s):  
Bond Yields ◽  
Real Money ◽  
Sovereign Bond
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