TAILIEUCHUNG - Liquidity Premia in german government bondS

Stability Bonds must not lead to a reduction in budgetary discipline among euro-area Member States. A notable feature of the period since the launch of the euro has been inconsistency in market discipline of budgetary policy in the participating Member States. The high degree of convergence in euro-area bond yields during the first decade of the euro was not, in retrospect, justified by the budgetary performance of the Member States. The correction since 2009 has been abrupt, with possibly some degree of overshooting. Despite this inconsistency, the more recent experience confirms that markets can discipline national budgetary policies in. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 1081 I AUGUST 2009 LIQUIDITY PREMIA IN GERMAN GOVERNMENT BONDS by Jacob W. Ejsing and Jukka Sihvonen EUROPEAN CENTRAL BANK EUROSYSTEM 200 111-111111 In 2009 all ECB publications feature a motif taken from the 200 banknote. WORKING PAPER SERIES NO 1081 I AUGUST 2009 LIQUIDITY PREMIA IN GERMAN GOVERNMENT BONDS 1 by Jacob W. Ejsing 2 and Jukka Sihvonen 3 This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 1456858. Ì The views expressed in this paper are those of the authors and do not necessarily reflect the views of the European Central Bank or Danmarks Nationalbank. We thank the anonymous referee and seminar participants at the ECB and at the GSF Summer Research Workshop in Finance May 2009 for helpful comments. 2 European Central Bank and Danmarks Nationalbank European Central Bank Kaiserstrasse 29 60311 Frankfurt am Main Germany e-mail 3 Department of Accounting and Finance University of Vaasa . Box 700 FIN-65101 Vaasa Finland e-mail European Central Bank 2009 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 1725-2806 online

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