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Sub-National Credit Risk and Sovereign Bailouts: Who Pays the Premium?

Studies have shown that markets may underprice sub-national governments' risk on the implicit assumption that these entities would be bailed out by their central government in case of financial difficulties. However, the question of whether sovereigns pay a premium on their own borrowing as a... Full description

1st Person: Jenkner, Eva
Additional Persons: Lu, Zhongjin
Type of Publication: Book
Published: Washington, D.C. International Monetary Fund 2014, 2014
Series: IMF Working Papers; Working Paper
Keywords: Spain
Bond Market
Bonds
Financial Sector
Bond Yields
Bond
Bailout
Online: Volltext
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