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Was kosten Eurobonds?

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  • Tim Oliver Berg

    ()

  • Kai Carstensen
  • Hans-Werner Sinn

Abstract

Aus Sicht der bonitätsschwachen Länder des Euroraums ist die Forderung nach Eurobonds verständlich. Denn die damit verbundene nominale Zinskonvergenz hätte den Effekt, dass die Zinsen der unsolideren Länder merklich sinken. Im Gegenzug müsste Deutschland, würde es in Zukunft Eurobonds statt z.B. Bundesanleihen begeben, mit deutlich höheren Zinskosten als bisher rechnen. Das ifo Ins­titut rät angesichts der zu erwartenden Mehrkosten von der Einführung von Eurobonds ab.

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Bibliographic Info

Article provided by Ifo Institute for Economic Research at the University of Munich in its journal ifo Schnelldienst.

Volume (Year): 64 (2011)
Issue (Month): 17 (09)
Pages: 25-33

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Handle: RePEc:ces:ifosdt:v:64:y:2011:i:17:p:25-33

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Keywords: Öffentliche Schulden; Krise; Zinspolitik; Euro-Anleihe; Euro-Raum; Europäische Wirtschafts- und Währungsunion;

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References

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  1. Favero, Carlo & Pagano, Marco & von Thadden, Ernst-Ludwig, 2010. "How Does Liquidity Affect Government Bond Yields?," Journal of Financial and Quantitative Analysis, Cambridge University Press, Cambridge University Press, vol. 45(01), pages 107-134, February.
  2. Amihud, Yakov & Mendelson, Haim, 1991. " Liquidity, Maturity, and the Yields on U.S. Treasury Securities," Journal of Finance, American Finance Association, American Finance Association, vol. 46(4), pages 1411-25, September.
  3. Christian Aßmann & Jens Boysen-Hogrefe, 2012. "Determinants of government bond spreads in the euro area: in good times as in bad," Empirica, Springer, Springer, vol. 39(3), pages 341-356, August.
  4. Hans-Werner Sinn & Kai Carstensen, 2010. "Ein Krisenmechanismus für die Eurozone," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 63, pages 01-17, November.
  5. Giancarlo Corsetti & Keith Kuester & Andre Meier & Gernot J. Muller, 2011. "Soverign risk and the effects of fiscal retrenchment in deep recessions," Working Papers 11-43, Federal Reserve Bank of Philadelphia.
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Citations

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Cited by:
  1. Hans-Werner Sinn, 2012. "Die Target-Kredite der Deutschen Bundesbank," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 65, pages 03-34, 03.
  2. Charles B. Blankart & Peter Spahn & Henrik Enderlein & Sebastian Hauptmeier & Fédéric Holm-Hadulla & Max Otte, 2012. "EU-Gipfel: Kann eine Fiskalunion den Euro retten?," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 65(03), pages 03-20, 02.
  3. Martin Schütte & Nicholas Blanchard & Michael Hüther & Bernd Lucke, 2012. "Eurobonds: Kann eine Unterteilung in »Blue Bonds« und »Red Bonds« das Risiko für die Euroländer minimieren?," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 65(04), pages 03-15, 02.
  4. Manasa Gopal & Markus Pasche, 2012. "Market-based Eurobonds Without Cross-Subsidisation," Global Financial Markets Working Paper Series 2012-37, Friedrich-Schiller-University Jena.
  5. Georg Erber, 2012. "Eurobonds und Transferleistungen innerhalb der Eurozone," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 65(01), pages 14-19, 01.

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