|
|
|
|
| LEADER |
01835cas a2200253 a 4500 |
| 001 |
AALejournalIMF015976 |
| 008 |
230101c9999 xx r poo 0 0eng d |
| 020 |
|
|
|c 5.00 USD
|
| 020 |
|
|
|z 9781513518329
|
| 022 |
|
|
|a 1018-5941
|
| 040 |
|
|
|a BD-DhAAL
|c BD-DhAAL
|
| 100 |
1 |
|
|a Paret, Anne-Charlotte.
|
| 245 |
1 |
0 |
|a German Bond Yields and Debt Supply :
|b Is There a 'Bund Premium'? /
|c Anne-Charlotte Paret, Anke Weber.
|
| 264 |
|
1 |
|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
|
| 300 |
|
|
|a 1 online resource (34 pages)
|
| 490 |
1 |
|
|a IMF Working Papers
|
| 500 |
|
|
|a <strong>Off-Campus Access:</strong> No User ID or Password Required
|
| 500 |
|
|
|a <strong>On-Campus Access:</strong> No User ID or Password Required
|
| 506 |
|
|
|a Electronic access restricted to authorized BRAC University faculty, staff and students
|
| 520 |
3 |
|
|a Are Bunds special? This paper estimates the 'Bund premium' as the difference in convenience yields between other sovereign safe assets and German government bonds adjusted for sovereign credit risk, liquidity and swap market frictions. A higher premium suggests less substitutability of sovereign bonds. We document a rise in the 'Bund premium' in the post-crisis period. We show that there is a negative relationship of the premium with the relative supply of German sovereign bonds, which is more pronounced for higher maturities and when risk aversion proxied by bond market volatility is high. Going forward, we expect German government debt supply to remain scarce, with important implications for the ECB's monetary policy strategy.
|
| 538 |
|
|
|a Mode of access: Internet
|
| 700 |
1 |
|
|a Weber, Anke.
|
| 830 |
|
0 |
|a IMF Working Papers; Working Paper ;
|v No. 2019/235
|
| 856 |
4 |
0 |
|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/235/001.2019.issue-235-en.xml
|z IMF e-Library
|