| |  Online-Ressource |
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| Verfasst von: | Havlik, Annika [VerfasserIn]  |
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| | Heinemann, Friedrich [VerfasserIn] |
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| | Helbig, Samuel [VerfasserIn] |
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| | Nover, Justus [VerfasserIn] |
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| Titel: | Dispelling the shadow of fiscal dominance? |
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| Titelzusatz: | Fiscal and monetary announcement effects for euro area sovereign spreads in the corona pandemic |
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| Verf.angabe: | Annika Havlik, Friedrich Heinemann, Samuel Helbig, Justus Nover |
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| E-Jahr: | 2022 |
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| Jahr: | April 2022 |
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| Umfang: | 19 S. |
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| Fussnoten: | Online veröffentlicht: 7. Dezember 2021, Artikelversion: 23. Dezember 2021 ; Gesehen am 22.08.2024 |
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| Titel Quelle: | Enthalten in: Journal of international money and finance |
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| Ort Quelle: | Amsterdam [u.a.] : Elsevier Science, 1982 |
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| Jahr Quelle: | 2022 |
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| Band/Heft Quelle: | 122(2022) vom: Apr., Artikel-ID 102578, Seite 1-19 |
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| ISSN Quelle: | 0261-5606 |
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| Abstract: | We use event study regressions to compare the impact of monetary versus fiscal policy announcements on euro area government bond spreads in the unfolding Covid-19 pandemic. Throughout our specifications and robustness checks, we detect larger effects for monetary than for fiscal announcements. Among monetary policy instruments, the PEPP has the largest spread compressing effects. Comparing the announcement effects for fiscal crisis tools, Next Generation EU shows significant results in contrast to news on pure loan instruments. The relaxation of European fiscal rules through the activation of the emergency-escape clause under the Stability and Growth Pact is associated with rising spreads. We conclude that the stability of euro area bond markets in the presence of a severe solvency shock depends to a large extent on the Eurosystem’s unconstrained sovereign bond purchases. Our results suggest that fiscal support can play a stabilizing role if it includes, like Next Generation EU, a significant transfer component. |
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| DOI: | doi:10.1016/j.jimonfin.2021.102578 |
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| URL: | Bitte beachten Sie: Dies ist ein Bibliographieeintrag. Ein Volltextzugriff für Mitglieder der Universität besteht hier nur, falls für die entsprechende Zeitschrift/den entsprechenden Sammelband ein Abonnement besteht oder es sich um einen OpenAccess-Titel handelt.
kostenfrei: Volltext: https://doi.org/10.1016/j.jimonfin.2021.102578 |
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| | kostenfrei: Volltext: https://www.sciencedirect.com/science/article/pii/S0261560621002291 |
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| | DOI: https://doi.org/10.1016/j.jimonfin.2021.102578 |
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| Datenträger: | Online-Ressource |
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| Sprache: | eng |
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| Sach-SW: | Event analysis |
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| | Next Generation EU |
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| | PEPP |
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| | Stability and Growth Pact |
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| K10plus-PPN: | 1899395997 |
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| Verknüpfungen: | → Zeitschrift |
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Dispelling the shadow of fiscal dominance? / Havlik, Annika [VerfasserIn]; April 2022 (Online-Ressource)
