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首页> 外文期刊>Economic change and restructuring >Eurozone debt crisis and bond yields convergence: evidence from the new EU countries
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Eurozone debt crisis and bond yields convergence: evidence from the new EU countries

机译：欧元区债务危机与债券收益率趋同：来自新欧盟国家的证据

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The present article examines 10-year bond yields convergence between each of the new EU countries and Germany, including a structural break that embodies the effects of the current sovereign debt crisis in the Eurozone. The analysis is based on a new definition of bond yields convergence that can be interpreted either as strong or weak monetary policy convergence, depending on whether the conditions of uncovered interest-rate parity and ex-ante purchasing power parity hold or are violated, respectively. The empirical results provide evidence of either strong or weak monetary policy convergence to Germany only for five new countries, namely Croatia, the Czech Republic, Lithuania, Romania and Slovakia. In contrast, for the rest of the new EU countries the empirical evidence suggests lack of monetary policy convergence to Germany. The latter result could be probably explained by the increased risk premia in these countries, as a result of the Eurozone sovereign debt crisis.
机译：本文研究了每个新的欧盟国家与德国之间10年期债券收益率的趋同，包括结构性突破，体现了当前欧元区主权债务危机的影响。该分析基于对债券收益率趋同的新定义，可将其解释为强硬或弱势的货币政策趋同，这取决于未发现的利率平价和事前购买力平价的条件是否成立。实证结果提供了只有五个新国家（即克罗地亚，捷克共和国，立陶宛，罗马尼亚和斯洛伐克）与德国货币政策趋同的强弱证据。相反，对于其他新欧盟国家而言，经验证据表明，德国缺乏货币政策趋同。后者的结果可能是由于这些国家由于欧元区主权债务危机而增加的风险溢价所造成的。

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