Pure or Wake-up-Call Contagion? Another Look at the EMU Sovereign Debt Crisis

Autor:	Marcello Pericoli, Raffaela Giordano, Pietro Tommasino
Rok vydání:	2013
Předmět:	Financial contagion Sovereignty Geography Planning and Development Economics Monetary economics International economics Development Sovereign debt Finance
Zdroj:	International Finance. 16:131-160
ISSN:	1367-0271
DOI:	10.1111/j.1468-2362.2013.12033.x
Popis:	We test whether the sharp increase in sovereign spreads of euro-area countries with respect to Germany after the explosion of the Greek crisis was due to deteriorating macroeconomic and fiscal fundamentals or to some form of financial contagion. Our analysis includes indicators of domestic and external imbalances which were mostly disregarded by previous studies, and distinguishes between investors' increased attention to the variables which ultimately determine the creditworthiness of a sovereign borrower (wake-up-call contagion) and behaviour not linked to fundamentals (pure contagion). We find evidence of wake-up-call contagion but not of pure contagion.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::c26dbe171cae604d8a89597643f2cb25 https://doi.org/10.1111/j.1468-2362.2013.12033.x Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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