Short-term Cross-currency Basis Swap and Japanese Government Bond Markets under Non-traditional Monetary Policy

2019 ◽  
pp. 27-39
Author(s):  
Takayasu Ito
Keyword(s):  
Monetary Policy ◽  
Japanese Government ◽  
Bond Markets ◽  
Government Bond ◽  
Short Term ◽  
Government Bond Markets

Deflation trend in Central Europe will keep rates low

2015 ◽  
Keyword(s):  
Monetary Policy ◽  
Central Europe ◽  
Investor Sentiment ◽  
Economic Conditions ◽  
Bond Markets ◽  
Government Bond ◽  
Content Type ◽  
Government Bond Markets ◽  
Low Levels ◽  
Very High

Significance The pick-up in growth contrasts markedly with the sharp falls in inflation across Central Europe (CE). With CE government bond markets under renewed pressure, monetary policy is likely to remain extremely loose as inflation struggles to rise above zero. Impacts CE is enjoying 'Goldilocks' economic conditions, with deflation requiring extremely loose monetary policy amid brisk growth. The ECB's aggressive bond-buying programme will keep yields anchored at extremely low levels, benefiting CE's local debt markets. While investor sentiment is favourable, very high foreign participation in Polish and Hungarian domestic bond markets is causing concern.

Momentum in Government-Bond Markets

CFA Digest ◽  
2013 ◽  
Vol 43 (1) ◽  
pp. 105-108
Author(s):  
Servaas Houben
Keyword(s):  
Bond Markets ◽  
Government Bond ◽  
Government Bond Markets

Country-specific euro area government bond yield reactions to ECB’s non-standard monetary policy program announcements

2020 ◽  
Vol 21 (4) ◽  
pp. 417-474 ◽  
Author(s):  
Ralf Fendel ◽  
Frederik Neugebauer
Keyword(s):  
Monetary Policy ◽  
Euro Area ◽  
Yield Reduction ◽  
Government Bond ◽  
Bond Yields ◽  
Bond Yield ◽  
Current Spread ◽  
Policy Program ◽  
Government Bond Markets ◽  
Country Specific

AbstractThis paper employs event study methods to evaluate the effects of ECB’s non-standard monetary policy program announcements on 10-year government bond yields of 11 euro area member states. Measurable effects of announcements arise with a one-day delay meaning that government bond markets take some time to react to ECB announcements. The country-specific extent of yield reduction seems inversely related to the solvency rating of the corresponding countries. The spread between core and periphery countries reduces because of a stronger decrease in the latter. This result is confirmed by letting the announcement variable interact with the current spread level.

Sign in / Sign up

Export Citation Format

Share Document