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Debt crisis and 10-year sovereign yields in Ireland and in Portugal

Author

Listed:
  • António Afonso
  • Jorge Silva

Abstract

We assess the determinants of the 10-year sovereign yield for the period 2000–2015, in Portugal and in Ireland. Results show that the long-term Portuguese sovereign yield increased with the rise of the 10-year Bund yield and during the Securities Markets Programme, but decreased due to financial integration. Additionally, during the period of the economic and financial adjustment programme, there was evidence of additional rises (decreases) due to increases (decreases) in the 3-month Euribor rate, and the level of public debt. EU/IMF funding reduced sovereign yield.

Suggested Citation

  • António Afonso & Jorge Silva, 2018. "Debt crisis and 10-year sovereign yields in Ireland and in Portugal," Applied Economics Letters, Taylor & Francis Journals, vol. 25(4), pages 217-222, February.
    • Handle: RePEc:taf:apeclt:v:25:y:2018:i:4:p:217-222
    DOI: 10.1080/13504851.2017.1310991
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    Cited by:

    1. António Afonso & Nuno Verdial, 2019. "Sovereign debt crisis in Portugal and in Spain," Working Papers REM 2019/0112, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Ghulam, Yaseen & Derber, Julian, 2018. "Determinants of sovereign defaults," The Quarterly Review of Economics and Finance, Elsevier, vol. 69(C), pages 43-55.
    3. António Afonso & Jorge Silva, 2019. "Effects of euro area monetary policy on institutional sectors: the case of Portugal," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 42(120), pages 219-236, Diciembre.

    More about this item

    JEL classification:

    • C20 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - General
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • G01 - Financial Economics - - General - - - Financial Crises

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