Currency intervention as global monetary easing: The case of Japan in 2003-04

Petra Gerlach-Kristen, Robert McCauley, Kazuo Ueda, 7 November 2012

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One consequence of monetary easing in major economies most affected by the financial crisis is the subsequent currency appreciation in apparently separate economies that are less affected by the crisis, such as those of Japan, Switzerland, and many emerging economies.

Topics: Exchange rates, Financial markets, Global crisis, International finance
Tags: bonds, Eurozone crisis, exchange rates, Japan, monetary policy

Government bonds and their investors: What are the facts and do they matter?

Jochen Andritzky, 5 August 2012

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Prior to the start of the global crisis in late 2008, global imbalances, reserve accumulation and regulatory changes fostered greater cross-border integration of sovereign debt markets as measured by the share of government securities held by non-residents.

Topics: Global crisis, International finance
Tags: bonds, global crisis, global markets, government debt

In the slipstream of the Greek debt exchange

Jeromin Zettelmeyer, Mitu Gulati, 5 March 2012

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One of the most interesting questions arising from the ongoing Greek debt restructuring is what it implies about the feasibility – or lack of feasibility – of ‘voluntary’ debt restructurings.

Topics: Europe's nations and regions, International finance
Tags: bonds, EZ crisis, Greece, sovereign debt

Papi’s tax

Tito Boeri, 4 October 2011

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Around mid June 2011, the CDS over five-year Italian governments bonds, which measures the cost of insurance against a sovereign default, was about 80 basis points lower than the CDS of the Spanish bonds (bonos) with the same maturity. Today Italian five-year government bonds are insured at 70 basis points above the bonos.

Topics: Europe's nations and regions, International finance
Tags: bonds, Italy, Spain, spreads

Euro-area sovereign risk during the crisis

Silvia Sgherri, Edda Zoli, 17 November 2009

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On the heels of the crisis, sovereign risk premium differentials in the euro area have been widening. Although the perceived risk of default for euro-area countries remains generally low, financial markets appear to have been increasingly discriminating among government issuers while requiring overall higher risk premiums (Figure 1).

Topics: International finance
Tags: bonds, sovereign risk, spreads

Government guarantees on bank funding: Should we extend them into 2010 despite the improved bank profitability and the schemes’ distortionary effects?

Aviram Levy, Fabio Panetta, 3 November 2009

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In December 2009, the government guarantee schemes for bank bonds that were adopted last autumn will close to new issuance in many EU countries (with guarantees already issued expiring typically in 2012), unless the authorities decide to extend them.1 These schemes were meant to help banks retain access to wholesale funding in the aftermath of Lehman Brothers&rsquo

Topics: Financial markets
Tags: bonds, global crisis, government guarantees

A “systemic vulnerability index”: Measuring risk in the asset generation chain

Leonardo Felli, Luca Anderlini, 22 August 2009

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Civil aviation is remarkably safe. IATA numbers put the probability of death at roughly one in 7.7 million passenger/flights in 2008. This makes air travel about 120 times less dangerous than car travel in the US, although the numbers are hard to compare.

Topics: Financial markets
Tags: bonds, systemic risk, systemic vulnerability index

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