Are European bond markets overshooting?
Uitgebreide analyse
15-05-2017
We find that monetary variables, spillovers from US financial markets, expectations and sovereign risks are the main determinants of long-term interest rates in the EA. The empirical model does not identify recent overshooting. The observed rise since August 2016 is attributed to two factors: a) the increase in US long-term interest rates after the reversal in the Fed’s monetary stance; b) political tensions in France, Italy or Spain which generated higher perceived political risk.
Uitgebreide analyse
Externe auteur
Christophe BLOT, Jérôme CREEL, Paul HUBERT, Fabien LABONDANCE (OFCE)
Nadere informatie over dit document
Publicatietype
Zoekterm
- ECONOMIE
- economische analyse
- economische analyse
- economische geografie
- EU-lidstaat
- Euro-emissie
- eurozone
- financieel risico
- financiering op lange termijn
- financiële instellingen en krediet
- FINANCIËN
- GEOGRAFIE
- investering en financiering
- kredietkosten
- monetaire betrekkingen
- monetaire economie
- nationale boekhouding
- rente
- spaartegoed
- vrij verkeer van kapitaal