The Sovereign Spread Compressing Effect of Fiscal Rules during ...

This paper exam- ines whether fiscal rules contribute to mitigating sovereign spreads in emerging markets and developing economies during periods of heightened ...

This paper examines whether fiscal rules contribute to mitigating sovereign spreads in emerging markets and developing economies

Fiscal Rules | Leonardo Barreto

We show that, if there is no deviation cost during a global crisis, the model can rationalize quantitatively the sovereign spread compressing ...

Details for: The Sovereign spread compressing effect of fiscal rules ...

The Sovereign spread compressing effect of fiscal rules during global crises / Ergys Islamaj, Agustin Samano Penaloza and Scott Sommers.

Strategic Enforcement of Fiscal Rules under Sovereign Risk

This result, in conjunction with the sovereign spread- compressing effect, suggests that during global crises, credit markets internalize that ...

WP/18/87 - IMF eLibrary

It estimates the effect of the Excessive Deficit Procedure (EDP) on sovereign spreads of EU states. In the context of the European supranational fiscal rules, ...

Expansionary fiscal consolidation under sovereign risk - EconStor

This is consistent with the model in the sense that debt rules affect investment because of the distortionary effect that large spreads have on expected capital ...

The effects of macroeconomic, fiscal and monetary policy ...

In this paper, we have studied the impact of macroeconomic, fiscal and monetary developments and well-defined policy events on sovereign bond yield spreads in ...

Sovereign Spreads and Fiscal Consolidations1

investigates the effects of fiscal consolidation announcements on sovereign spreads in LAC during ... fiscal policy does not react on impact to other shocks in ...

Dispelling the shadow of fiscal dominance? Fiscal and monetary ...

They find that both fiscal and monetary support compress spreads relative to Germany with a particularly large effect for Italy. Announcements of new European ...

Fiscal Austerity, Growth Prospects, and Sovereign CDS Spreads

significant impact of a country's fiscal position in determining the sovereign bond spreads. ... Central bank monetary policy rates turn out to be significantly ...

Fiscal Rules and the Sovereign Default Premium

A debt-brake (spread-brake) rule imposes a ceiling on the fiscal deficit when the sovereign debt (spread) is above a threshold. For our benchmark ...

Dispelling the Shadow of Fiscal - DISCUSSION PAPER - ZEW

We use event study regressions to compare the impact of EU monetary versus fiscal policy announcements on government bond spreads of ten euro member countries.

Growth-friendly Fiscal Rules? - Publications

According to the marginal effects from Column 2, public investment falls by 1.8 percent during fiscal consolidations in countries with flexible ...

Fiscal Rules for Sub-National Governments: What Lessons from ...

Third, European rules allow margins to deal with the budgetary effects of the economic cycle; replicating this feature at the sub-national level, although ...

Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in ...

The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as the fiscal position remains sustainable and the ...

Expansionary Fiscal Consolidation Under Sovereign Risk

“The Sovereign Spread Compressing. Effect of Fiscal Rules during Global Crises.” Available at SSRN 4837548 . 3, 21. Jorda, Oscar. 2005. “Estimation and ...

Fiscal rules in the euro area and lessons from other monetary unions

This calls for structural fiscal rules that correct for the impact of cyclical developments. Beyond this, however, some form ...

Dispelling the shadow of fiscal dominance? Fiscal and monetary ...

Among monetary policy instruments, the PEPP has the largest spread compressing effects. Comparing the announcement effects for fiscal crisis tools, Next ...

Markets adjust to "higher for longer"

Bond markets remained volatile, with yields oscillating on evolving investor perceptions of the future path of policy interest rates; ...