Italian paper tracks spreads on eurozone corporate bonds

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A working paper published by the Bank of Italy tracks what it calls the "disorderly process of reassessment of corporate credit risk since 2007".

In A tale of fragmentation: corporate funding in the euro-area bond market, Andrea Zaghini attempts to identify the determinants of corporate bond yield spreads in the eurozone.

This data, the author argues, allows him to "isolate country-specific effects as indicators of market fragmentation". Some countries' spreads vis-à-vis German bonds rose

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