We provide evidence that the European Central Bank (ECB's) unconventional monetary policy dampens yield cycles in secondary markets for Eurozone sovereign debt around new auctions. This dampening effect tends to be larger when market volatility is higher. Cycles caused by domestic auctions and role of are largest countries with low credit ratings. Auctions these also generate significant auctio...

In this paper we use intraday government bond futures price changes around German and Italian Treasury auctions to identify unexpected shifts in the demand for public debt. Estimates show that positive shocks lead large negative movements yields. Evidence shows significant spillover effects into bond, equity, corporate markets of other eurozone countries. We find interesting differences between...

This paper investigates static and dynamic liquidity spillovers for a pool of ten Eurozone countries the period 2000–2021. We estimate generalised vector autoregressive (VAR) model based on Diebold Yilmaz (2009, 2012). find evidence transmission shocks through channel. propose measure which captures total pairwise average across countries. Our shows strong interconnection within investigate int...

Serving as lender of last resort to countries experiencing unsustainable levels of public debt, international financial institutions have attracted intense controversy over the past decades, exemplified most recently by the popular discontent expressed in Eurozone countries following several rounds of austerity measures. In exchange for access to financial assistance, borrowing countries must s...

The Greek debt crisis opened up the policy discourse over Europe to the extent of an unprecedented extent of questioning of the original design of the Eurozone. Such a rethink requires an examination of how the European economy functions and the appropriate theoretical approach to analysing it. The purpose of this paper is to revisit the thinking behind the design of European Monetary Union and...