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Title: Euro Area: Towards a European Common Bond? – Empirical Evidence from the Sovereign Debt Markets
Authors: Stoupos, Nikolaos
Kiohos, Apostolos
Type: Article
Subjects: FRASCATI::Social sciences::Economics and Business
Keywords: bond markets risk
realized EGARCH
EMU unification
financial integration
Issue Date: Jul-2022
Publisher: John Wiley and Sons
Source: JCMS: Journal of Common Market Studies
Volume: 60
Issue: 4
First Page: 1019
Last Page: 1046
Abstract: Despite the debt crisis of the period 2010–15, the Eurozone did not manage to adopt an efficient policy for reinforcing the creation of a common bond among the members-states of the union. Under these circumstances, the research aim of this manuscript is to further explore the integration level of bond markets in the EMU after the end of the 2010 debt crisis and the potential creation of a Euro Area common bond. The empirical evidence we gathered is suggestive of a significant integration degree of bond markets in the Euro Area, whereas plenty of asymmetries exist among the member-states notwithstanding. The dominant role of France, the Netherlands, Germany, Italy, Ireland and Spain on the EA bond markets were unveiled. As a matter of fact, we propose that the EMU be conditionally prepared to issue a common Eurozone bond which will safeguard the financial stability in the monetary union.
ISSN: 0021-9886
Other Identifiers: 10.1111/jcms.13297
Appears in Collections:Department of International and European Studies

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