TAILIEUCHUNG - IS THE CORPORATE BOND MARKET FORWARD LOOKING?

Stability Bonds would promote efficiency in the euro-area sovereign bond market and in the broader euro-area financial system. Stability Bond issuance would offer the possibility of a large and highly liquid market, with a single benchmark yield in contrast to the current situation of many country-specific benchmarks. The liquidity and high credit quality of the Stability Bond market would deliver low benchmark yields, reflecting correspondingly low credit risk and liquidity premiums (see Box 1). A single set of “risk free” Stability Bond benchmark yields across the maturity spectrum would help to develop the bond market more broadly, stimulating issuance. | EUROPEAN CENTRAL BANK EUROSYSTEM IS THE CORPORATE BOND MARKET WORKING PAPER SERIES NO 800 AUGUST 2007 FORWARD LOOKING EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 800 I AUGUST 2007 IS THE CORPORATE BOND MARKET FORWARD LOOKING 1 by Jens Hilscher 2 In 2007 all ECB publications feature a motif taken from the 20 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1005120. I This paper is based on chapter 4 of my 2005 . thesis entitled Essays in Financial Economics and Credit Risk at Harvard University. I am grateful to John Campbell and Jeremy Stein for their advice and suggestions. I thank an anonymous referee Philipp Hartmann Peter Hecht Peter Hordahl Borja Larrain Monica Singhal Jan Szilagyi Josh White Moto Yogo and seminar participants at the Harvard Finance lunch the Graduate Research Program at the European Central Bank 2003 and the 2004 London Business School . Conference for helpful comments and discussions. I also thank Glen Taksler for introducing me to the NAIC bond data. I thank DG-Research of the ECB and Lutz Kruschwitz at Freie Universitat Berlin for their hospitality. 2 International Business School Brandeis University 4I5 South Street Waltham MA 02453 USA Phone 78I-736-226I e-mail hilscher@. 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 Internet http Fax 49 69 1344 6000 Telex 411 144 ecb d All rights reserved. Any reproduction publication and 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. The statement of purpose for the ECB

• Ngân hàng - Tín dụng
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