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http://dspace.mediu.edu.my:8181/xmlui/handle/10419/19718| Title: | The German sub-national government bond market: evolution, yields and liquidity |
| Keywords: | G18 E43 G12 G10 H74 H63 E44 ddc:330 sovereign bond market yields liquidity fiscal federalism Germany Öffentliche Anleihe Rentenmarkt Teilstaat Zinsstruktur Risikoprämie Marktliquidität Deutschland |
| Issue Date: | 16-Oct-2013 |
| Description: | The paper presents a comprehensive data set of all bonds issued by the sixteen German states (L¨ander) since 1992. It thus provides a complete picture of a capital market comparable in size to funds raised in the German fixed income market for corporations. The quantitative analysis reveals that L¨ander follow different issuing strategies: while some concentrate to a greater extend on large issues or issue joint bonds with other L¨ander (Jumbos), others rely more on comparatively small but frequent issues. Moreover, some L¨ander issue a significant volume-share of their bonds in foreign currencies. Suitable bonds are used to compute yields for the respective L¨ander at a daily frequency. In addition, we construct a measure of liquidity based on the standard deviation of yields of those bonds that are used to compute the average yield. |
| URI: | http://koha.mediu.edu.my:8181/xmlui/handle/10419/19718 |
| Other Identifiers: | http://hdl.handle.net/10419/19718 ppn:559687168 RePEc:zbw:bubdp1:7117 |
| Appears in Collections: | EconStor |
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