Monetary Integration And The Cost Of Borrowing-货币一体化和借贷成本

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英文文献：Monetary Integration And The Cost Of Borrowing-货币一体化和借贷成本
英文文献作者：Marta Gómez-Puig
英文文献摘要：
With the beginning of the European Monetary Union (EMU), euro-area sovereign securities? adjusted spreads over Germany (corrected from the foreign exchange risk) experienced an increase that caused a lower than expected decline in borrowing costs. The objective of this paper is to study what explains that rising. In particular, if it took place a change in the price assigned by markets to domestic (credit risk and/or market liquidity) or to international risk factors. The empirical evidence supports the idea that a change in the market value of liquidity occurred with the EMU. International and default risk play a smaller role.

随着欧洲货币联盟(EMU)的成立，欧元区主权证券对德国的调整利差(从外汇风险中修正)经历了上升，导致借贷成本的下降低于预期。本文的目的是研究是什么解释了这种上升。特别是当市场对国内(信贷风险和/或市场流动性)或国际风险因素的定价发生变化时。经验证据支持的想法，在市场价值的流动性发生了变化与欧洲货币联盟。国际风险和违约风险的作用较小。

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