TAILIEUCHUNG - MARKET DISCIPLINE, FINANCIAL INTEGRATION AND FISCAL RULES WHAT DRIVES SPREADS IN THE EURO AREA GOVERNMENT BOND MARKET?

Prior to the current financial crisis, a number of federal and state regulations were in place to protect consumers against fraud and to promote understanding of financial products like credit cards and mortgages. But as abusive practices spread, particularly in the market for subprime and nontraditional mortgages, our regulatory framework proved inadequate in important ways. Multiple agencies have authority over consumer protection in financial products, but for historical reasons, the supervisory framework for enforcing those regulations had significant gaps and weaknesses. Banking regulators at the state and federal level had a potentially conflicting mission to promote safe. | EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 745 I APRIL 2007 by Simone Manganelli and Guido Wolswijk MARKET DISCIPLINE FINANCIAL INTEGRATION AND FISCAL RULES WHAT DRIVES SPREADS IN THE EURO AREA GOVERNMENT BOND MARKET EUROPEAN CENTRAL BANK EUROSYSTEM WORKING PAPER SERIES NO 745 I APRIL 2007 MARKET DISCIPLINE FINANCIAL INTEGRATION AND FISCAL RULES WHAT DRIVES SPREADS IN THE EURO AREA GOVERNMENT BOND MARKET I by Simone Manganelli 2 In 2007 all ECB publications feature a motif taken from the 20 banknote. and Guido Wolswijk 3 This paper can be downloaded without charge from http or from the Social Science Research Network electronic library at http abstract_id 978373. I The authors wish to thank Lorenzo Cappiello Carsten Detken Francesco Drudi Reint Gropp Philipp Hartmann José Marin Philippe Moutot Frank Packer and Ludger Schuknecht for providing useful comments. The views expressed in this paper are those of the authors and do not necessarily reflect those of the European Central Bank or the Eurosystem. 2 Financial Research Division of DG-Research European Central Bank Kaiserstrasse 29 60311 Frankfurt am Main Germany e-mail 3 Fiscal Policies Division of DG-Economics European Central Bank Kaiserstrasse 29 60311 Frankfurt am Main Germany e-mail 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 Working Paper Series is available

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