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Bond Yields and Bailout Guarantees: Regional Debt Markets in Germany

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abstract The paper investigates yield spreads in German regional bond markets in the years of 2005-2010. As the paper shows, spreads of regional bonds over federal bonds widened during the crisis. At the same time, co-movements of regional bond yields strengthened. This observation is contrary to the yield-behavior of sovereign bonds in EMU. Potential explanations of this phenomenon are discussed along with implications for the introduction of the common issuance of federal and regional debt in form of "Deutschlandbonds".
   
type working paper (English)
   
keywords Bailouts, Bond Yields, Subnational Debt Markets
   
date of appearance 2012
issuer institution G. Wiliam Schwert, University of Rochester
series title FEN Capital Markets: Asset Pricing & Valuation eJournal
publisher SSRN (http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalbr owse&journal_id=1508951)
review not reviewed
   
profile area SEPS - Economic Policy
citation von Müller, C., G. Wiliam Schwert, University of Rochester (Eds.), (2012). Bond Yields and Bailout Guarantees: Regional Debt Markets in Germany. FEN Capital Markets: Asset Pricing & Valuation eJournal. http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalbro wse&journal_id=1508951: SSRN.