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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19507| Title: | Expected budget deficits and interest rate swap spreads - Evidence for France, Germany and Italy |
| Keywords: | E43 H62 E62 C33 ddc:330 Budget deficits interest rate swap spreads EMU Stability and Growth Pact Haushaltsdefizit Zinsswap Deutschland Frankreich Italien |
| Issue Date: | 16-Oct-2013 |
| Description: | This study analyses whether expected budget deficits have an impact on interest rate swap spreads in France, Germany and Italy. We use monthly deficit forecasts from financial market participants to take the forward-looking behaviour of financial markets into account. Results of a SUR estimation show no significant impact of expected deficits on swap spreads over the whole sample period (1994-2004). However, we find an increase in market discipline for Germany and France since the signing of the Stability and Growth Pact, and for Germany also since the start of European monetary union. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19507 |
| Other Identifiers: | http://hdl.handle.net/10419/19507 ppn:477280005 RePEc:zbw:bubdp1:2918 |
| Appears in Collections: | EconStor |
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