This paper reviews recent developments in the management of government debt in the euro area, covering both theoretical and practical aspects. It focuses on key aspects of debt management; the...
On some fiscal effects on mortgage debt growth in the EU
This paper analyses some fiscal aspects of mortgage debt in the EU. It first describes the main fiscal instruments that governments use to affect mortgage-financed home-ownership. In the empirical...
Budget balances in OECD countries: what makes them change?
Fiscal policy, Asset prices, Economic growth, Budget balance, Election cycle, E61, E62, H61, H62,
Simone Manganelli, Guido Wolswijk
This paper studies the determinants of interest rate spreads of euro area 10 year government bonds against the benchmark, the German bund, after the introduction of the euro. In particular, it pays...
Short- and long-run tax elasticities - the case of the Netherlands
This paper provides estimates for the base elasticities of Dutch taxes, paying particular attention to differences between short-and long-term elasticities, and allowing for asymmetric adjustment....
Have Euro Area Government Bond Spreads converged to their Common State?
We derive a model in which a standard international capital asset pricing (ICAPM) model is nested within an ICAPM model with market imperfections. In the latter model an idiosyncratic stochastic...
Government risk premiums in the bond market. EMU and Canada.
Ludger Schuknecht, Jürgen Von Hagen, Guido Wolswijk
This paper focuses on risk premiums paid by central governments in Europe and sub-national governments in Germany, Spain, and Canada. With regard to the European governments, we are interested in how...
Government Risk Premiums in the Bond Market: EMU and Canada
Schuknecht, Ludger, Von Hagen, Jürgen, Wolswijk, Guido
This paper focuses on risk premiums paid by central governments in Europe and sub-national governments in Germany, Spain, and Canada. With regard to the European governments, we are interested in how...
Fiscal balances have deteriorated quickly in recent years, bringing back to the foreground the question what factors help explain such sharp changes. This paper takes a broad perspective at the issue...
Determinants of Mortgage Debt Growth in EU Countries
This paper presents an analysis of mortgage debt growth in the EU-15 countries. Mortgage debt has risen quickly in many countries in recent years, reaching historically very high levels that...
Causality Between Government Revenues and Spending in Europe
Testing for causality between government revenues and spending reveals useful information on the source of budgetary imbalances. This can form the basis for deciding, whether to base fiscal...
What drives spreads in the euro area government bond market?
Simone Manganelli, Guido Wolswijk
"Spreads between euro area government bond yields are related to short-term interest rates, which are in turn related to market liquidity, to cyclical conditions, and to investors' incentives to take...
Housing Finance in the Euro Area.
Francesco Drudi, Petra Köhler-Ulbrich, Marco Protopapa, Jiri Slacalek, Christoffer Kok Sørensen, Guido Wolswijk, ...
This report analyses the main developments in housing finance in the euro area in the decade, covering the period from 1999 to 2007. It looks at mortgage indebtedness, various characteristics of...
Government risk premiums in the bond market: EMU and Canada
Schuknecht, Ludger, Von Hagen, Jürgen, Wolswijk, Guido
This paper focuses on risk premiums paid by central governments in Europe and sub-national governments in Germany, Spain, and Canada, using data for bond yield spreads for the period 1991-2005. We...
Government Bond Risk Premiums in the EU revisited: The Impact of the Financial Crisis
Schuknecht, Ludger, Von Hagen, Jürgen, Wolswijk, Guido
This note looks at US$ and DM/Euro denominated government bond spreads relative to US and German benchmark bonds before and after the start of the current financial crisis. The study finds, first,...