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Changes in financial fragmentation in the euro area since 2008


  • HORNY, G.
  • MOJON, B.


There is said to be financial fragmentation when bond issuers located in the so-called “periphery” face higher credit risk premia than issuers with the same characteristics located in the “core” countries. This financial fragmentation peaked during the sovereign debt crisis and has receded since the announcement of the Outright Monetary Transactions (OMTs) programme by the ECB.

Suggested Citation

  • Horny, G. & Manganelli, S. & Mojon, B., 2016. "Changes in financial fragmentation in the euro area since 2008," Rue de la Banque, Banque de France, issue 28, july..
  • Handle: RePEc:bfr:rueban:2016:28

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    1. Guillaume Horny & Simone Manganelli & Benoit Mojon, 2018. "Measuring Financial Fragmentation in the Euro Area Corporate Bond Market," Journal of Risk and Financial Management, MDPI, Open Access Journal, vol. 11(4), pages 1-19, October.
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