Fundamentals versus market sentiments in the euro bond markets: Implications for QE
Analisi approfondita
15-05-2017
Despite the partial realignment of European long-term government bonds after the crisis in 2012, there has been some renewed divergence in yields in the last years. We find that the government bond markets in the euro area are highly sensitive to changing market sentiments, both in time and across countries. Our analysis suggests that pulling the plug on QE too soon might undo some of the benefits of QE in the countries of the periphery and may lead to increases in the refinancing costs of member states with little or no fiscal space.
Analisi approfondita
Autore esterno
Paul DE GRAUWE (LSE), Yuemei JI (University College London and LSE), Corrado MACCHIARELLI (Brunel University London and LSE)
Informazioni sul documento
Tipo di pubblicazione
Parole chiave
- buono del tesoro
- convergenza economica
- ECONOMIA
- economia monetaria
- FINANZE
- finanze pubbliche e politica di bilancio
- finanziamento a lungo termine
- indicatore di divergenza
- investimenti e finanziamenti
- libera circolazione dei capitali
- mercato dei capitali
- obbligazione
- politica economica
- recessione economica
- relazioni monetarie
- situazione economica
- Unione economica e monetaria
- zona euro