The impact of demand and liquidity on the informaton content and predictive power of the government bond yield curve: An illustration from the UK gilt market

2003 ◽  
Vol 4 (2) ◽  
pp. 119-130
Author(s):  
Moorad Choudhry
Keyword(s):  
Predictive Power ◽  
Yield Curve ◽  
Government Bond ◽  
Bond Yield ◽  
The Government ◽  
The Uk ◽  
The Impact

scholarly journals Spatio‑Temporal Analysis of the Impact of Credit Rating Agency Announcements on the Government Bond Yield in the World in the Period of 2008–2017

2019 ◽  
Vol 3 (342) ◽  
pp. 133-150
Author(s):  
Elżbieta Szulc ◽  
Dagna Wleklińska
Keyword(s):  
Credit Rating ◽  
Government Bond ◽  
Government Bonds ◽  
Credit Rating Agency ◽  
Bond Yield ◽  
Spatial Panel Data Models ◽  
The World ◽  
Spatial Panel Data ◽  
The Government ◽  
The Impact

The paper concerns the impact of announcements published by rating agencies on the government bond yield in selected countries of the world. Ratings assigned to debt securities on account of the issuer’s financial standing are an important determinant of their yield. Factors that affect the rate of return of a given traded debt, in addition to idiosyncratic factors, i.e. those related to the issuer’s economy, and global factors, also include the ratings of connected countries. Moreover, empirical studies carried out in this area prove that the relationship is asymmetrical. This allows us to suppose that favourable information concerning the improvement of government bond ratings is not reflected in the decrease in their yield. The aim of the paper is the analysis of interactions between the yields of 10‑year government bonds issued by selected economies. A subject that is of particular interest is the evaluation of the impact of positive and negative changes in credit rating assessments made by international agencies on the yield of bonds issued by other economies than the country concerned in the assessment. The spatial scope of the analysis concerns 10‑year government bonds issued by 40 countries in the period of 2008-2017. In the study, dynamic spatial models for pooled time series and cross‑sectional data and dynamic spatial panel data models were used.

The RUMA Alliance targets: an overview

Livestock ◽  
2021 ◽  
Vol 26 (4) ◽  
pp. 176-179
Author(s):  
Chris Lloyd
Keyword(s):  
Task Force ◽  
Animal Health ◽  
Antibiotic Use ◽  
Codes Of Practice ◽  
The Government ◽  
The Uk ◽  
Ongoing Support ◽  
The Impact ◽  
Insight Into ◽  
Roll Out

The Responsible Use of Medicines in Agriculture Alliance (RUMA) was established to promote the highest standards of food safety, animal health and animal welfare in the British livestock industry. It has a current focus to deliver on the Government objective of identifying sector-specific targets for the reduction, refinement or replacement of antibiotics in animal agriculture. The creation and roll out of sector specific targets in 2017 through the RUMA Targets Task Force, has helped focus activity across the UK livestock sectors to achieve a 50% reduction in antibiotic use since 2014. This has been realised principally through voluntary multi-sector collaboration, cross sector initiatives, codes of practice, industry body support and farm assurance schemes. This article provides an overview of RUMA's work to date providing insight into the methods used to create the targets, why they are so important, the impact they are having and how ongoing support and robust data are vital components in achieving the latest set of targets.

How Firm and Market Characteristics Affect Profitability

2015 ◽  
Vol 2 (1) ◽  
pp. 67-83 ◽  
Author(s):  
Ioannis Katsampoxakis ◽  
Haralampos Basdekis ◽  
Konstantinos Anathreptakis
Keyword(s):  
Sovereign Debt ◽  
Debt Crisis ◽  
Government Bond ◽  
Sovereign Debt Crisis ◽  
Bond Yield ◽  
Time Period ◽  
Greek Government ◽  
Greek Economy ◽  
Greek Government Bond ◽  
The Impact

This study aims to assess the impact of specific corporate and market features on the profitability of firms. More precisely, the variables examined for the purposes of this study are firms' size, financial leverage, accruals, volatility of profitability, growth rate of the Greek economy, the 10-year Greek government bond yield, and the Greek sovereign debt crisis. The empirical results exhibit an average profitability of 10.71%, which varies significantly both between firms and during the time period examined. Another finding of this study is the verification of the theoretical relationship between the above variables and Greek firms' profitability between 2004 and 2012. Whereas variables such as firms' size, volatility of profitability and accruals do not seem to affect firms' profitability in a statistically significant way, the signs of the coefficients are consistent with those found the literature review.

scholarly journals The Long-Run Determinants of Indian Government Bond Yields

2019 ◽  
Vol 36 (1) ◽  
pp. 168-205 ◽  
Author(s):  
Tanweer Akram ◽  
Anupam Das
Keyword(s):  
Interest Rate ◽  
Government Bond ◽  
Bond Yields ◽  
Short Term ◽  
Indian Government ◽  
Bond Yield ◽  
Long Run ◽  
Key Driver ◽  
The Government

This paper investigates the long-term determinants of the nominal yields of Indian government bonds (IGBs). It examines whether John Maynard Keynes’ supposition that the short-term interest rate is the key driver of the long-term government bond yield holds over the long run, after controlling for key economic factors. It also appraises if the government fiscal variable has an adverse effect on government bond yields over the long run. The models estimated in this paper show that in India the short-term interest rate is the key driver of the long-term government bond yield over the long run. However, the government debt ratio does not have any discernible adverse effect on IGB yields over the long run. These findings will help policy makers to (i) use information on the current trend of the short-term interest rate and other key macro variables to form their long-term outlook about IGB yields, and (ii) understand the policy implications of the government's fiscal stance.

UK Fiscal Prospects

2010 ◽  
Vol 213 ◽  
pp. F66-F70 ◽  
Author(s):  
Ray Barrell ◽  
Simon Kirby
Keyword(s):  
Large Scale ◽  
Radical Change ◽  
Policy Framework ◽  
Budget Process ◽  
Spare Capacity ◽  
Intention To Move ◽  
The Government ◽  
The Uk ◽  
The Impact ◽  
The Relationship

The UK is restructuring the fiscal policy framework once again, with an intention to move toward independent assessment and forecasting in the budget process. At the same time a large-scale, if delayed, fiscal consolidation is planned at a time when there is significant spare capacity in the economy. Economic growth is also projected to be below trend, at least this year and perhaps next. It is unusual to see a fiscal tightening when the output gap appears to be widening. These policy settings should be seen in the context of the most radical change in the nature of the relationship between the government and the economy for at least thirty years. This note assesses the impact of the new programme on the economy as well as setting out a projection for the medium-term public finances.

scholarly journals Anxious and Angry: Emotional and Political Motives for Approving of and Complying with Hygiene Measures related to the COVID-19 Pandemic

2020 ◽  
Author(s):  
David Abadi ◽  
Irene Arnaldo ◽  
Agneta Fischer
Keyword(s):  
Online Survey ◽  
Social Impact ◽  
Infection Age ◽  
Political Beliefs ◽  
Political Implications ◽  
Hygiene Measures ◽  
The Government ◽  
The Individual ◽  
The Uk ◽  
The Impact

The current COVID-19 pandemic elicits a vast amount of collective anxiety, which may also have broader societal and political implications. In the current study, we investigate the individual and social impact of this anxiety. We conducted an online survey in four different countries (Germany, the Netherlands, Spain and the UK; N=2031), examining whether anxiety about the Coronavirus leads to more approval of and compliance with hygiene measures deployed in those countries, and what role political beliefs play at this. We found significant differences between the four countries, with Spain marking highest anxiety as well as approval of and compliance with hygiene measures. Furthermore, three linear regressions showed that one’s anxiety is not only predicted by proximity to sources of infection (age, country, oneself or friends being infected), but also by political views (populist attitudes, anger at the government). Importantly, people who are anxious are also angry, at transgressors of hygiene rules or at their government. Thus, anger does not reduce one’s fear, but fear leads to more anger, especially in countries with the highest infection rates. Anxiety also leads to more approval of and compliance with hygiene measures, but again anger and political beliefs play a role in this relation. Whereas behavioral compliance is more predicted by fear and anger at others who transgress the rules, approval of the measures is better predicted by anxiety about the impact of Coronavirus and anger at the government.

Flatter US yield curve reflects rising price pessimism

2017 ◽  
Keyword(s):  
Yield Curve ◽  
Emerging Market ◽  
Commodity Markets ◽  
Treasury Bonds ◽  
Content Type ◽  
Bond Yield ◽  
Corporate Earnings ◽  
Low Levels ◽  
The Impact ◽  
Global Growth

Subject Rising US market divergence between strong stock market and flatter yield curve. Significance The S&P 500 has returned more than 20% over the past twelve months, setting a record high in early November, while the Vix Index, which measures the anticipated volatility in the S&P 500, hit a record low on November 3. Solid corporate earnings and stronger global growth are buoying US stocks, but persistently low inflation is keeping yields on long-dated Treasury bonds at low levels, helping to flatten the yield curve. Impacts China’s 10-year local currency bond yield is rising; Beijing is increasing its campaign to curb corporate debt, hitting commodity markets. The dollar index is up 2.8% from early September and will continue to trend upwards, pressuring emerging market currencies and local debt. Investors continue to fear the impact of QE removal, seeing a ‘policy mistake’ as the biggest market ‘tail risk’, according to a survey.

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