Integration of Government Bond Market in the Euro Area and Monetary Policy
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Ansgar Belke, 2010.
"Driven by the markets? ECB sovereign bond purchases and the securities markets programme,"
Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 45(6), pages 357-363, November.
- Ansgar Belke, 2010. "Driven by the Markets?: ECB Sovereign Bond Purchases and the Securities Markets Programme," Discussion Papers of DIW Berlin 1040, DIW Berlin, German Institute for Economic Research.
- Belke, Ansgar, 2010. "Driven by the Markets? ECB Sovereign Bond Purchases and the Securities Markets Programme," Ruhr Economic Papers 194, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
- Stefania D’Amico & William English & David López‐Salido & Edward Nelson, 2012.
"The Federal Reserve's Large‐scale Asset Purchase Programmes: Rationale and Effects,"
Economic Journal, Royal Economic Society, vol. 122(564), pages 415-446, November.
- López-Salido, J David & Nelson, Edward & English, William & D'Amico, Stefania, 2012. "The Federal Reserve?s Large-Scale Asset Purchase Programs: Rationale and Effects," CEPR Discussion Papers 9145, C.E.P.R. Discussion Papers.
- Stefania D'Amico & William B. English & J. David López-Salido & Edward Nelson, 2012. "The Federal Reserve's large-scale asset purchase programs: rationale and effects," Finance and Economics Discussion Series 2012-85, Board of Governors of the Federal Reserve System (U.S.).
- Christoph Trebesch & Jeromin Zettelmeyer, 2018.
"ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds,"
IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 66(2), pages 287-332, June.
- Christoph Trebesch & Jeromin Zettelmeyer, 2014. "ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds," CESifo Working Paper Series 4731, CESifo.
- Trebesch, Christoph & Zettelmeyer, Jeromin, 2015. "ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112809, Verein für Socialpolitik / German Economic Association.
- Jeromin Zettelmeyer & Christoph Trebesch, 2018. "ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds," Working Paper Series WP18-1, Peterson Institute for International Economics.
- Trebesch, Christoph & Zettelmeyer, Jeromin, 2018. "ECB interventions in distressed sovereign debt markets: The case of Greek bonds," Kiel Working Papers 2101, Kiel Institute for the World Economy (IfW Kiel).
- Zettelmeyer, Jeromin & Trebesch, Christoph, 2018. "ECB interventions in distressed sovereign debt markets: The case of Greek bonds," CEPR Discussion Papers 12635, C.E.P.R. Discussion Papers.
- Baele, Lieven & Ferrando, Annalisa & Hördahl, Peter & Krylova, Elizaveta & Monnet, Cyril, 2004. "Measuring financial integration in the euro area," Occasional Paper Series 14, European Central Bank.
- Arvind Krishnamurthy & Annette Vissing-Jorgensen, 2011.
"The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy,"
Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 42(2 (Fall)), pages 215-287.
- Arvind Krishnamurthy & Annette Vissing-Jorgensen, 2011. "The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy," NBER Working Papers 17555, National Bureau of Economic Research, Inc.
- Michael Ehrmann & Marcel Fratzscher, 2015.
"Euro Area Government Bonds: Integration and Fragmentation during the Sovereign Debt Crisis,"
Discussion Papers of DIW Berlin
1479, DIW Berlin, German Institute for Economic Research.
- Michael Ehrmann & Marcel Fratzscher, 2015. "Euro Area Government Bonds—Integration and Fragmentation During the Sovereign Debt Crisis," Staff Working Papers 15-13, Bank of Canada.
- Ehrmann, Michael & Fratzscher, Marcel, 2015. "Euro Area Government Bonds?Integration and Fragmentation During the Sovereign Debt Crisis," CEPR Discussion Papers 10583, C.E.P.R. Discussion Papers.
- Marvin Goodfriend, 2007.
"How the World Achieved Consensus on Monetary Policy,"
Journal of Economic Perspectives, American Economic Association, vol. 21(4), pages 47-68, Fall.
- Marvin Goodfriend, 2007. "How the World Achieved Consensus on Monetary Policy," NBER Working Papers 13580, National Bureau of Economic Research, Inc.
- Adrian Blundell-Wignall & Patrick Slovik, 2011. "A Market Perspective on the European Sovereign Debt and Banking Crisis," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2010(2), pages 9-36.
- Javier Santillán & Marc Bayle & Christian Thygesen, 2000. "The impact of the euro on money and bond markets," Occasional Paper Series 1, European Central Bank.
- Lieven Baele, 2004. "Measuring European Financial Integration," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 20(4), pages 509-530, Winter.
- Cúrdia, Vasco & Woodford, Michael, 2011.
"The central-bank balance sheet as an instrument of monetarypolicy,"
Journal of Monetary Economics, Elsevier, vol. 58(1), pages 54-79, January.
- Vasco Curdia & Michael Woodford, 2010. "The central-bank balance sheet as an instrument of monetary policy," Staff Reports 463, Federal Reserve Bank of New York.
- Vasco Curdia & Michael Woodford, 2010. "The Central-Bank Balance Sheet as an Instrument of Monetary Policy," NBER Working Papers 16208, National Bureau of Economic Research, Inc.
- Michael Woodford & Vasco Curdia, 2010. "The Central Bank's Balance Sheet as an Instrument of Monetary Policy," 2010 Meeting Papers 136, Society for Economic Dynamics.
- Santillán, Javier & Bayle, Marc & Thygesen, Christian, 2000. "The impact of the euro on money and bond markets," Occasional Paper Series 1, European Central Bank.
- Arvind Krishnamurthy & Annette Vissing-Jorgensen, 2011. "The Effects of Quantitative Easing on Interest Rates: Channels and Implications for Policy," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 43(2 (Fall)), pages 215-287.
- Abad, Pilar & Chuliá, Helena & Gómez-Puig, Marta, 2010.
"EMU and European government bond market integration,"
Journal of Banking & Finance, Elsevier, vol. 34(12), pages 2851-2860, December.
- Abad, Pilar & Chuliá, Helena & Gómez-Puig, Marta, 2009. "EMU and European government bond market integration," Working Paper Series 1079, European Central Bank.
- Eser, Fabian & Schwaab, Bernd, 2016. "Evaluating the impact of unconventional monetary policy measures: Empirical evidence from the ECB׳s Securities Markets Programme," Journal of Financial Economics, Elsevier, vol. 119(1), pages 147-167.
- Brett W. Fawley & Christopher J. Neely, 2013. "Four stories of quantitative easing," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 51-88.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Kühl, Michael, 2014. "Mitigating financial stress in a bank-financed economy: Equity injections into banks or purchases of assets?," Discussion Papers 19/2014, Deutsche Bundesbank.
- Rostagno, Massimo & Altavilla, Carlo & Carboni, Giacomo & Lemke, Wolfgang & Motto, Roberto & Saint Guilhem, Arthur & Yiangou, Jonathan, 2019. "A tale of two decades: the ECB’s monetary policy at 20," Working Paper Series 2346, European Central Bank.
- W. Arrata & B. Nguyen, 2017. "Price impact of bond supply shocks: Evidence from the Eurosystem's asset purchase program," Working papers 623, Banque de France.
- Michiel De Pooter & Robert F. Martin & Seth Pruitt & Rebecca DeSimone, 2015. "Cheap Talk and the Efficacy of the ECB’s Securities Market Programme: Did Bond Purchases Matter?," International Finance Discussion Papers 1139, Board of Governors of the Federal Reserve System (U.S.).
- Jagjit S. Chadha & Philip Turner & Fabrizio Zampolli, 2013.
"The ties that bind: monetary policy and government debt management,"
Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 29(3), pages 548-581, AUTUMN.
- Jagjit S. Chadha & Philip Turner & Fabrizio Zampolli, 2013. "The Ties that Bind: Monetary Policy and Government Debt Management," Studies in Economics 1318, School of Economics, University of Kent.
- Hartmann, Philipp & Papaioannou, Elias & Lo Duca, Marco & Heider, Florian, 2007. "The role of financial markets and innovation in productivity and growth in Europe," Occasional Paper Series 72, European Central Bank.
- Winkler, Adalbert & Geis, André & Böwer, Uwe, 2007. "Commodity price fluctuations and their impact on monetary and fiscal policies in Western and Central Africa," Occasional Paper Series 60, European Central Bank.
- Diana Hancock & Wayne Passmore, 2015. "How Does the Federal Reserve's Large-Scale Asset Purchases (LSAPs) Influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates?," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(4), pages 855-890, November.
- Christophe Blot & Paul Hubert & Jérôme Creel & Caroline Bozou, 2023.
"The conditionality of monetary policy instruments,"
Working Papers
hal-04159848, HAL.
- Christophe Blot & Paul Hubert & Jérôme Creel & Caroline Bozou, 2023. "The conditionality of monetary policy instruments," EconomiX Working Papers 2023-15, University of Paris Nanterre, EconomiX.
- Claudio Borio & Anna Zabai, 2018.
"Unconventional monetary policies: a re-appraisal,"
Chapters, in: Peter Conti-Brown & Rosa M. Lastra (ed.), Research Handbook on Central Banking, chapter 20, pages 398-444,
Edward Elgar Publishing.
- Claudio Borio & Piti Disyatat, 2010. "Unconventional Monetary Policies: An Appraisal," Manchester School, University of Manchester, vol. 78(s1), pages 53-89, September.
- Claudio Borio & Piti Disyatat, 2009. "Unconventional monetary policies: an appraisal," BIS Working Papers 292, Bank for International Settlements.
- Claudio Borio & Anna Zabai, 2016. "Unconventional monetary policies: a re-appraisal," BIS Working Papers 570, Bank for International Settlements.
- Benalal, Nicholai & Diaz del Hoyo, Juan Luis & Pierluigi, Beatrice & Vidalis, Nick, 2006. "Output growth differentials across the euro area countries: some stylised facts," Occasional Paper Series 45, European Central Bank.
- Kenny, Geoff & Genre, Véronique & Bowles, Carlos & Friz, Roberta & Meyler, Aidan & Rautanen, Tuomas, 2007. "The ECB survey of professional forecasters (SPF) - A review after eight years' experience," Occasional Paper Series 59, European Central Bank.
- Giovanna Bua & Peter G. Dunne, 2019.
"The Portfolio Rebalancing Effects of the ECB's Asset Purchase Programme,"
International Journal of Central Banking, International Journal of Central Banking, vol. 15(5), pages 1-46, December.
- Bua, Giovanna & Dunne, Peter G., 2017. "The Portfolio Rebalancing Effects of the ECB's Asset Purchase Programme," Research Technical Papers 07/RT/17, Central Bank of Ireland.
- Sami Alpanda & Serdar Kabaca, 2020.
"International Spillovers of Large-Scale Asset Purchases,"
Journal of the European Economic Association, European Economic Association, vol. 18(1), pages 342-391.
- Sami Alpanda & Serdar Kabaca, 2015. "International Spillovers of Large-Scale Asset Purchases," Staff Working Papers 15-2, Bank of Canada.
- Guidolin, Massimo & Orlov, Alexei G. & Pedio, Manuela, 2017.
"The impact of monetary policy on corporate bonds under regime shifts,"
Journal of Banking & Finance, Elsevier, vol. 80(C), pages 176-202.
- Massimo Guidolin & Alexei G. Orlov & Manuela Pedio, 2015. "The Impact of Monetary Policy on Corporate Bonds under Regime Shifts," Working Papers 562, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Song, Zhaogang & Zhu, Haoxiang, 2018. "Quantitative easing auctions of Treasury bonds," Journal of Financial Economics, Elsevier, vol. 128(1), pages 103-124.
- Matthieu Darracq Paries, 2018. "Financial frictions and monetary policy conduct," Erudite Ph.D Dissertations, Erudite, number ph18-01 edited by Ferhat Mihoubi, February.
- González, Fernando & Coppens, François & Winkler, Gerhard, 2007. "The performance of credit rating systems in the assessment of collateral used in Eurosystem monetary policy operations," Occasional Paper Series 65, European Central Bank.
- Sturm, Michael & Gurtner, François, 2007. "Fiscal policy in Mediterranean countries: developments, structures and implications for monetary policy," Occasional Paper Series 69, European Central Bank.
- Bernhard, Severin & Ebner, Till, 2017.
"Cross-border spillover effects of unconventional monetary policies on Swiss asset prices,"
Journal of International Money and Finance, Elsevier, vol. 75(C), pages 109-127.
- Severin Bernhard & Till Ebner, 2016. "Cross-border Spillover Effects of Unconventional Monetary Policies on Swiss Asset Prices," Working Papers 2016-09, Swiss National Bank.
More about this item
Keywords
sovereign debt; bond markets integration; crisis; yield spread; central bank asset purchases.;All these keywords.
JEL classification:
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cbk:journl:v:5:y:2016:i:1:p:71-97. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://edirc.repec.org/data/cbmgvme.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.