Eintrag weiter verarbeiten
Drivers of European public debt management
Gespeichert in:
| Personen und Körperschaften: | |
|---|---|
| Titel: | Drivers of European public debt management/ Guido Wolswijk |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2020]
|
| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2437 (July 2020)
|
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | This study analyses the choice of government debt managers in the euro area between issuing short-term or long-term debt over the period 1992-2017. Debt managers increased short-term debt issuance in response to higher interest rate spreads and to rising government debt, notably in vulnerable, high-debt countries. Thus, lower longterm rates as a result of ECB's Quantitative Easing (QE) triggered debt managers to focus debt issuance on the long-term end. Moreover, the usual increase in debt maturity when debt rises ceases to operate when QE is active, possibly because markets perceived it as a backstop to the government bond market. However, limited QE experience calls for caution in interpreting the results. |
|---|---|
| Umfang: | 1 Online-Ressource (circa 40 Seiten); Illustrationen |
| ISBN: |
9789289940801
9289940808 |
| DOI: | 10.2866/415679 |