| dc.creator |
Schulz, Alexander |
|
| dc.creator |
Wolff, Guntram B. |
|
| dc.date |
2008 |
|
| dc.date.accessioned |
2013-10-16T07:06:29Z |
|
| dc.date.available |
2013-10-16T07:06:29Z |
|
| dc.date.issued |
2013-10-16 |
|
| dc.identifier |
http://hdl.handle.net/10419/19718 |
|
| dc.identifier |
ppn:559687168 |
|
| dc.identifier |
RePEc:zbw:bubdp1:7117 |
|
| dc.identifier.uri |
http://koha.mediu.edu.my:8181/xmlui/handle/10419/19718 |
|
| dc.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. |
|
| dc.language |
eng |
|
| dc.relation |
Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2008,06 |
|
| dc.rights |
http://www.econstor.eu/dspace/Nutzungsbedingungen |
|
| dc.subject |
G18 |
|
| dc.subject |
E43 |
|
| dc.subject |
G12 |
|
| dc.subject |
G10 |
|
| dc.subject |
H74 |
|
| dc.subject |
H63 |
|
| dc.subject |
E44 |
|
| dc.subject |
ddc:330 |
|
| dc.subject |
sovereign bond market |
|
| dc.subject |
yields |
|
| dc.subject |
liquidity |
|
| dc.subject |
fiscal federalism |
|
| dc.subject |
Germany |
|
| dc.subject |
Öffentliche Anleihe |
|
| dc.subject |
Rentenmarkt |
|
| dc.subject |
Teilstaat |
|
| dc.subject |
Zinsstruktur |
|
| dc.subject |
Risikoprämie |
|
| dc.subject |
Marktliquidität |
|
| dc.subject |
Deutschland |
|
| dc.title |
The German sub-national government bond market: evolution, yields and liquidity |
|
| dc.type |
doc-type:workingPaper |
|