european economic and monetary union sovereign debt markets

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1、WPS7149PolicyResearchWorkingPaper7149PublicDisclosureAuthorizedEuropeanEconomicandMonetaryUnionSovereignDebtMarketsPublicDisclosureAuthorizedAhmetSensoyErkHacihasanogluAhmedRostomPublicDisclosureAuthorizedPublicDisclosureAuthorizedFinanceandMarketsGlobalPracticeGroupJanuary2015PolicyResearchW

2、orkingPaper7149AbstractThispaperfocusesondevelopmentsintheEuropeanthesovereigndebtturmoil.ThesegmentationstructureisEconomicandMonetaryUnionsovereigndebtmarketsclearlyvisualized,revealingthepotentialpathsforcrisisinthepastdecade.Thefirstpartanalyzestheintegra-andrecoverytransmissioninthefutur

3、e.Inthesecondtionandsegmentationstructureofthebondmarketsofpart,thepapercommentsontherecentdecreasingtrendtheEconomicandMonetaryUnionbeforeandaftertheinEconomicandMonetaryUnionmemberbondyieldssovereigndebtcrisis,byintroducingthenovelconceptofandtheirincreasingdegreeofco-movement.Accord-correl

4、ation-basedstablenetworks.Accordingly,afairinte-ingly,thepaperarguesthatthesechangesdonotdependgrationisobservedbetweenthebondmarketsduringtheonthefiscalperformancesofthemembercountries,butpre-crisisperiod.However,astrictsegmentationemerges,dependontheillusionofqualitythatappearedwiththesepara

5、tingthemembersstrugglingwithdebtproblemsandFed(U.S.FederalReserve)taperingsignalsinearly2013.theoneswithrelativelystrongfiscalperformancesduringThispaperisaproductoftheFinanceandMarketsGlobalPracticeGroup.ItispartofalargereffortbytheWorldBanktoprovideopenaccesstoitsresearchandmakeacontributio

6、ntodevelopmentpolicydiscussionsaroundtheworld.PolicyResearchWorkingPapersarealsopostedontheWebathttp://econ.worldbank.org.Theauthorsmaybecontactedatarostom@worldbank.org.ThePolicyResearchWorkingPaperSeriesdisseminatesthefindingsofworkinprogresstoencouragetheexchangeofideasaboutdevelopmentissu

7、es.Anobjectiveoftheseriesistogetthefindingsoutquickly,evenifthepresentationsarelessthanfullypolished.Thepaperscarrythenamesoftheauthorsandshouldbecitedaccordingly.Thefindings,interpretations,andconclusionsexpressedinthispaperareentirelythoseo