The Impact Of Monetary Union On Eu-15 Sovereign Debt Yield Spreads-货币联盟对欧盟-...

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英文文献：The Impact Of Monetary Union On Eu-15 Sovereign Debt Yield Spreads-货币联盟对欧盟-15国主权债务收益率息差的影响
英文文献作者：Marta Gómez-Puig
英文文献摘要：
With European Monetary Union (EMU), there was an increase in the adjusted spreads (corrected from the foreign exchange risk) of euro participating countries? sovereign securities over Germany and a decrease in those of non-euro countries. The objective of this paper is to study the reasons for this result, and in particular, whether the change in the price assigned by markets was due to domestic factors such as credit risk and/or market liquidity, or to international risk factors. The empirical evidence suggests that market size scale economies have increased since EMU for all European markets, so the effect of the various risk factors, even though it differs between euro and non-euro countries, is always dependent on the size of the market.

在欧洲货币联盟(EMU)中，欧元参与国的主权证券相对于德国的经调整的息差(经外汇风险修正)有所增加，而非欧元国家的息差则有所下降。本文的目的是研究造成这一结果的原因，特别是市场定价的变化是由于国内因素，如信贷风险和/或市场流动性，还是由于国际风险因素。经验证据表明，自EMU成立以来，所有欧洲市场的市场规模规模经济都有所增长，因此各种风险因素的影响，尽管在欧元国家和非欧元国家之间存在差异，始终取决于市场的规模。

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