IMF paper dissects bond yield determinants


Bond spreads against German sovereign debt for some European periphery countries exceeded their fundamental level in the aftermath of the global financial crisis, a working paper published by the International Monetary Fund on November 8 suggests. In addition, some north European countries benefited from safe haven flows, the paper adds.

The author, Tigran Poghosyan, analysed the determinants of sovereign bond yields in 22 developed economies between 1980 and 2010.

The author found that in the

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