Sovereign risk, European crisis resolution policies and bond yields

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Title: Sovereign risk, European crisis resolution policies and bond yields
ISBN: 978-952-462-809-9
Author: Kilponen, Juha ; Laakkonen, Helinä ; Vilmunen, Jouko
Organization: Bank of Finland
Series: Bank of Finland Research Discussion Papers
ISSN: 1456-6184
Series year: 2012
Series number: 22/2012
Year of publication: 2012
Publication date: 15.6.2012
Published in: Published in International Journal of Central Banking, Volume 11, Number 2, March 2015: 285-323
Pages: 24 s.
Keywords: rahapolitiikka; valtionvelka; Eurooppa; korot; euroalue; kriisit; EKP; joukkovelkakirjat; likviditeetti; riskit; velkakriisit
Abstract: We study the effects of the ECB monetary policy and the European crises resolution policies on the 10 year sovereign bond yields of seven European countries. We find that some of the decisions have had significant impact on sovereign bond yields and have succeeded in reducing stress in the financial markets. However, the impact of the same policy decision might have been positive for some countries while negative for others, suggesting that contagion effects may be important. The economically most significant effects on the bond yields have been due to the announcement of ECB's Securities Market Programme.

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