Arbeitspapier
The impact of fiscal policy announcements by the Italian government on the sovereign spread: a comparative analysis
This paper attempts to evaluate the impact of fiscal policy announcements by the Italian government on the long-term sovereign bond spread of Italy relative to Germany. After collecting data on relevant fiscal policy announcements, we perform an econometric comparative analysis between the three administrations that followed one another during the period 2009-2013. The results indicate that only fiscal policy announcements made by members of Monti's cabinet had a significant impact on the Italian spread. We argue that these findings may be partly explained by a credibility gap between Monti's technocratic administration and Berlusconi's and Letta's governments.
- ISBN
-
978-92-899-1595-3
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1782
- Klassifikation
-
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Fiscal Policy
Financial Crises
Asset Pricing; Trading Volume; Bond Interest Rates
- Thema
-
fiscal policy announcements
GARCH models
interest rate spread
political communication
sovereign debt crisis
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Falagiarda, Matteo
Gregori, Wildmer Daniel
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2015
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Falagiarda, Matteo
- Gregori, Wildmer Daniel
- European Central Bank (ECB)
Entstanden
- 2015
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