disintegration, and differences between core and periphery countries can be observed long before the EMU debt crisis. To obtain … in 1999. While it is commonly assumed that markets for EMU government bonds were closely integrated prior to the EMU debt … crisis, we find that there is significant time variation in their relationship. There are periods of integration and …

disintegration, and differences between core and periphery countries can be observed long before the EMU debt crisis. To obtain … in 1999. While it is commonly assumed that markets for EMU government bonds were closely integrated prior to the EMU debt … crisis, we find that there is significant time variation in their relationship. There are periods of integration and …