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The prospect of Stability Bonds could potentially alleviate the current sovereign debt crisis, as the high-yield Member States could benefit from the stronger creditworthiness of the low-yield Member States. Even if the introduction of Stability Bonds could take some time (see Section 2), prior agreement on common issuance could have an impact on market expectations and thereby lower average and marginal funding costs for those Member States currently facing funding pressures. However, for any such effect to be durable, a roadmap towards common bonds would have to be accompanied by parallel commitments to stronger economic governance, which would guarantee. | EUROPEAN CENTRAL BANK EUROSYSTEM INFLATION-LINKED BONDS FROM A CENTRAL BANK PERSPECTIVE OCCASIONAL PAPER SERIES Juan Angel Garcia and Adrian van Rixtel NO 62 I JUNE 2007 EUROPEAN CENTRAL BANK EUROSYSTEM OCCASIONAL PAPER SERIES NO 62 I JUNE 2007 INFLATION-LINKED BONDS FROM A CENTRAL BANK PERSPECTIVE by Juan Angel Garcia1 2 and Adrian van Rixtel1 2 In 2007 all ECB publications feature a motif taken from the 20 banknote. This paper can be downloaded without charge from http www.ecb.int or from the Social Science Research Network electronic library at http ssrn.com abstract_id 977352. I The authors would like to thank Jurgen Stark Philippe Moutot Francesco Drudi and Manfred Kremer for providing useful comments at various stages of the project as well as an anonymous referee for helpful suggestions. Arnaud Mares provided very useful input to an earlier draft of this paper. We are also very grateful to Hervé Cros BNP Paribas for kindly supplying some data. The views expressed in this paper are those of the authors and do not necessarily reflect those of the European Central Bank. 2 Capital markets and Financial Structure Division Directorate Monetary Policy European Central Bank. Adrian van Rixtel is currently on leave at the Banco de Espana Madrid. European Central Bank 2007 Address Kaiserstrasse 29 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main Germany Telephone 49 69 1344 0 Website http www.ecb.int Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction publication or reprint in the form of a different publication whether printed or produced electronically in whole or in part is permitted only with the explicit written authorisation of the ECB or the author s . The views expressed in this paper do not necessarily reflect those of the European Central Bank. ISSN 1607-1484 print ISSN 1725-6534 online