Fiscal institutions, fiscal policy and sovereign risk premia in EMU

By Mark Hallerberg, Guntram B. Wolff. 2008

165 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/dbd19ab795c2af8788900edfdd4d931ad0bcf32b

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Economics and Econometrics

Citations in the corpus

The EMU sovereign-debt crisis: Fundamentals, expectations and contagion (2012, background): “Furthermore, Hallerberg and Wolff (2008) find that fiscal conditions affected EMU sovereign bond yields but this effect had became weaker following the euro’s introduction. and Wolswijk (2009) raise the question as to whether the penalties imposed by markets were sufficiently high to encourage EMU…”
Heterogeneity in Money Holdings Across Euro Area Countries: The Role of Housing (2011, unknown): “They are taken from Hilbers et al. (2008).”
Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets (2008, background): “Exceptions include: (i) Hallerberg and Wolff (2008) who show that fiscal policy remains a significant determinant of risk premia in EMU countries, with fiscal deficits mattering less in countries with better institutions; and (ii) Akitoby and Stratum (2006) who show that higher public debt levels…”
Banking and Sovereign Risk in the Euro Area (2010, background): “Furthermore, larger equity ratios increase shareholders exposure to losses and thus improve incentives for more careful investment decisions (see, for example, Haldane 2009).”
Fool the Markets? Creative Accounting, Fiscal Transparency and Sovereign Risk Premia (2006, unknown): “The general empirical finding is that bond yields depend positively on the debt and deficit level (Capeci 1991, 1994; Alesina et al., 1992; Bayoumi et al., 1995; Copeland and Jones, 2001; Codogno et al., 2003; Bernoth et al., 2004; Hallerberg and Wolff, 2008; Heppke-Falk andWolff, 2008).”
The Determinants of Sovereign Bond Yield Spreads in the EMU (2012, background): “…Afonso and Strauch (2007) report that the fiscal policy events i 2002 in the EU had only small effects on government bond yield spreads, while Hallerberg and Wolff (2008) find that the effect of fiscal performance on EMU sovereign bo d yields has weakened following the euro’s introduction.”
Sovereign bond yield spreads: A time-varying coefficient approach (2012, background): “Hallerberg and Wolff (2008), Bernoth et al. (2006), and Gerlach et al. (2010) find that interest differentials among EU countries vary depending upon the debt and deficit level of the issuing country.”
Sovereign Bond Market Reactions to Fiscal Rules and No-Bailout Clauses - The Swiss Experience (2013, unknown): “For example, Hallerberg and Wolff (2008) show that better fiscal institutions like the institutional strength of the finance minister are associated with lower risk premia. primary market”.”
Rules and risk in the Euro area (2014, background): “For the euro area, Hallerberg and Wol (2008) reveal that government bond yields are also determined by institutional characteristics of the scal process.”
Sovereign bond yield spreads and sustainability: An empirical analysis of OECD countries (2019, background): “include lagged sovereign bond spreads to account for the persistence inherent to spreads (Hallerberg and Wolff, 2008; Gerlach et al., 2010; Afonso et al., 2012).”