IDEAS home Printed from https://ideas.repec.org/h/spr/sprchp/978-3-030-74162-4_8.html
   My bibliography  Save this book chapter

What Drives Sovereign Bond Yields in the Eurozone?

In: Debt in Times of Crisis

Author

Listed:
  • Nicholas Apergis

    (University of Derby)

  • Giuseppina Chesini

    (University of Verona)

  • Thomas Poufinas

    (Democritus University of Thrace)

Abstract

Sovereign bond yields of the founding countries of the Euro have moved a lot during the last 20 years and not necessarily in the same direction, depending on the issuing country. Yields have turned negative for most of the maturities and (almost) for all founding members of the Euro. We find evidence that the debt to GDP, the real effective exchange rate, the current account balance to GDP, the unemployment rate the stock market volatility index and the total lending to GDP ratio have a positive impact, whereas the GDP growth posts a negative effect on the sovereign bond yields. Furthermore, both the financial and sovereign crises seem to have led to an increase of the yields, whereas the ECB purchase programs resulted in their decrease. The impact appears to be stronger for the euro-denominated versus the non-euro denominated bond yields, as well as for the Southern compared to the Northern countries.

Suggested Citation

  • Nicholas Apergis & Giuseppina Chesini & Thomas Poufinas, 2021. "What Drives Sovereign Bond Yields in the Eurozone?," Springer Books, in: Thomas Poufinas (ed.), Debt in Times of Crisis, chapter 0, pages 237-265, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-74162-4_8
    DOI: 10.1007/978-3-030-74162-4_8
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:sprchp:978-3-030-74162-4_8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.