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V stredu 29. januára 2014 sa uskutočnil ďalší Bratislavský ekonomický seminár. Tieto semináre organizuje Katedra hospodárskej politiky spolu s odborom výskumu NBS a Centrom pre ekonómiu a financie UK v Bratislave. 

Tento semester bývajú stretnutia na Ekonomickej univerzite v Bratislave. Hosťom bol Guglielmo Maria Caporalez Centre for Empirical Finance, Brunel University, West London, UK.

 

Abstract 

This paper analyses the dynamic effects of fiscal imbalances in a given EMU member state on the borrowing costs of other countries in the euro area. The estimation of a multivariate, multi-country time series model (specifically a Global VAR, or GVAR) using quarterly data for the EMU period suggests that euro-denominated government yields are strongly linked with each other. However, financial markets seem to be able to discriminate among different issuers. Consequently, fiscal imbalances in Italy and in other peripheral countries should be closely monitored by their EMU partners and the European institutions.

 

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