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Original Article Open Access


Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis

Baki Demirel.

Abstract
The 2008 financial crisis has asymmetrically hit a variety of European countries, and therefore the risk structure of periphery and core countries has changed. As a result of this, CDS (Credit Default Swap) spreads in Germany have differed from the GIIPS countries. In reviewing the literature, there has been an increasing interest in the reasoning behind the expand in GIIPS sovereign CDS spreads. Studies in the literature have particularly focused on fiscal mismatch in Eurozone and excessive deterioration in the budget balance of GIIPS. The aim of this paper is to determine the variables that are assumed to influence Eurozone CDS spreads. In this paper, panel data analysis was done for 5 countries for the period 2008-2012 and 3-month data was used.

Key words: Sovereign Bond Spreads, GIIPS, GMM. JEL Classification: E44, F34, G12.



Finansal Kriz Sonras GIIPS Hazine Bonosu Risk Primi (Spreads) Genilemesinin Belirleyicileri

Özet
ABD kaynakl 2008 finansal krizi Euro Blgesi lkelerini asimetrik olarak etkilemi evre ve merkez lkelerin risk yaps farkllamtr. Bu farkllk sonucu riski artan evre GIIPS ile Almanya hazine bonosu CDSleri arasndaki fark (spread; risk primleri) genilemitir. Euro blgesi spreadlerinin genilemesinin arkasndaki nedenlerin tespit edilmesine ynelik almalar literatr geniletmitir. Bu almalar zellikle Euro blgesinin mali uyumsuzluu ve GIIPSlerin bte dengesindeki ar bozulmalar zerinde durmaktadrlar. Bu alma Euro Blgesi hazine bonosu spreads genilemesi zerinde etkili olduu dnlen yurt ii- yurt d deikenleri belirlemeyi amalamtr. alma bu amacna ulamak iin 5 lkeye ait 2008-2012 dnemine ilikin aylk verilerden yararlanlm ve Panel at kullanlmtr.

Anahtar Kelimeler: Hazine Bonosu Risk Primleri, GIIPS, GMM. JEL Snflamas: E44, F34, G12.


 
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How to Cite this Article
Pubmed Style

Baki Demirel. [Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]. Ekonomik Yaklasim. 2014; 25(92): 69-86. Turkish. doi:10.5455/ey.35513


Web Style

Baki Demirel. [Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]. http://www.ekonomikyaklasim.org/?mno=156911 [Access: December 17, 2017]. Turkish. doi:10.5455/ey.35513


AMA (American Medical Association) Style

Baki Demirel. [Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]. Ekonomik Yaklasim. 2014; 25(92): 69-86. Turkish. doi:10.5455/ey.35513



Vancouver/ICMJE Style

Baki Demirel. [Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]. Ekonomik Yaklasim. (2014), [cited December 17, 2017]; 25(92): 69-86. Turkish. doi:10.5455/ey.35513



Harvard Style

Baki Demirel (2014) [Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]. Ekonomik Yaklasim, 25 (92), 69-86. Turkish. doi:10.5455/ey.35513



Turabian Style

Baki Demirel. 2014. [Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]. Ekonomik Yaklasim, 25 (92), 69-86. Turkish. doi:10.5455/ey.35513



Chicago Style

Baki Demirel. "[Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]." Ekonomik Yaklasim 25 (2014), 69-86. Turkish. doi:10.5455/ey.35513



MLA (The Modern Language Association) Style

Baki Demirel. "[Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]." Ekonomik Yaklasim 25.92 (2014), 69-86. Print.Turkish. doi:10.5455/ey.35513



APA (American Psychological Association) Style

Baki Demirel (2014) [Determinants of Expand in GIIPS Sovereign CDS Spreads after Financial Crisis]. Ekonomik Yaklasim, 25 (92), 69-86. Turkish. doi:10.5455/ey.35513



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