TAILIEUCHUNG - Foreign-CurrenCy BondS CurrenCy ChoiCe and The role oF unCovered and Covered inTereST PariTy

The table's second row indicates that the yield gain due to higher issuing volume would be in the range of 10 to 20 basis points for the euro area, depending on the credit rating achieved, but rather independent on whether the historical or recent market conditions were used. The corresponding gain in the yield for Germany would be around 7 basis points. The simulations demonstrate that the expected gain in the liquidity premium is rather limited and decreases for Member States that already benefit from the highest rating. While it is obvious that the Members States currently facing high. | EUROPEAN CENTRAL BANK EUROSYSTEM NO 947 I OCTOBER 2008 WORKING PAPER SERIES CURRENCY CHOICE AND THE ROLE OF UNCOVERED AND COVERED INTEREST PARITY by Maurizio Michael Habib and Mark Joy FOREIGN-CURRENCY BONDS EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 947 I OCTOBER 2008 FOREIGN-CURRENCY BONDS CURRENCY CHOICE AND THE ROLE OF UNCOVERED AND COVERED INTEREST PARITY 1 by Maurizio Michael Habib 2 and Mark Joy3 In 2008 all ECB publications feature a motif taken from the 10 banknote. This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1275832. 1 The authors would like to thank Christophe Beuve Carsten Detken Simone Manganelli Adalbert Winkler and an anonymous referee for useful comments on the paper. The views expressed in this paper are those of the authors and do not necessarily reflect those of the European Central Bank. 2 European Central Bank Directorate General International and European Relations Kaiserstrasse 29 D-60311 Frankfurt am Main Germany e-mail 3 University of Glasgow Department of Economics Adam Smith Building Glasgow United Kingdom e-mail European Central Bank 2008 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 Fax 49 69 1344 6000 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 aathorf . The views expressed in this paper do not necessarily reflect those of the European Central Bank. The statement of purpose for the ECB Working Paper Series is availablefrom the ECB website http . eeupubbsscentificcwipsdaat httm index. ISSN 1561-0810 print ISSN

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