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From Bear Stearns to Anglo Irish.
This paper attempts to explain the recent rise and differentiation of sovereign spreads across the countries of the eurozone. Following the onset of the subprime crisis in July 2007, spreads rose but mainly on account of common global factors. The rescue of Bear Stearns in March 2008 marked a turnin...
| Clasificación: | Libro Electrónico |
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| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Washington :
International Monetary Fund,
2009.
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| Colección: | IMF Working Papers.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- I. Introduction; II. The Data and Econometric Approach; III. Domestic Finance Matters; IV. The Phases of the Crisis; A. From Subprime Onset to Bear Stearns; B. After Bear Stearns; C. After the Anglo Irish Nationalization; D. Monthly Variations in Spreads; V. Country Differences; A. Following Bear Stearns: Spotlight on Countries' Loss of Competitiveness; B. The Role of Public Debt; VI. Interpreting the Findings; VII. Conclusions; Tables; 1. Weekly Changes in Spreads (basis points); 2. Does Domestic Finance Matter?; 3. Domestic Finance Does Matter; 4. Phases of the Crisis.
- 5. Explaining the Jump in Spreads After the Anglo Irish Nationalization6. Phases as Seen Through Monthly Changes in Spreads; 7. Subprime to Bear Stearns: Limited Differentiation Across Countries; 8. Post Bear Stearns: Country Differentiation By Loss of Competitiveness; 9. The Role of Public Debt; 10. Post-Bear Stearns Country Variations: Monthly Data; Figures; 1. Trends and Dispersion of Eurozone Sovereign Spreads; 2. Sovereign Spreads and Prospects of the Financial Sector; 3. Real Effective Exchange Rate Appreciation from January 2003 to July 2008.
- 4. Correlation Between Debt-to-GDP Ratio and Sovereign Spreads5. Eurozone: Evolving Real GDP Consensus Forecasts for 2009; 6. Change in Growth Projections for 2009 as F-Ratio Changed During 2008; 7. Do Sovereign Spreads Anticipate GDP Growth?; 8. Regimes of High and Low Sovereign Spreads; References.