We study the determinants for the sovereign credit default swap (CDS) spreads of five Euro-area countries (Greece, Ireland, Italy, Portugal, Spain) in the post-Lehman-Brothers period. We find that there are regime switches in the process of sovereign CDS spread changes. We consider three...

The move towards funded system and the associated growth of pension funds' financial assets has made the financial market aspects of retirement income systems a key policy area. The expansion of a funded pension sector requires the existence of a sophisticated financial market infrastructure....

[eng] Public debt management and bond markets in Africa . In an increasing number of emerging market countries, the officials in charge of managing public debt are finding themselves faced with the same problems as their counterparts in mature markets as result of the competitive pressures of...

In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to...

This paper studies the current state and drivers of the development of government local currency bond markets (LCBMs) in Sub-Saharan Africa, a region whose progress in developing such markets has only recently received attention in the literature. We argue that well-developed LCBMs could reduce...

This issue of Financial Market Trends compiles, as always, the articles that have been released online over the past few months. It features, as Part I, selected articles based on presentations given at the Symposium on “Financial crisis management and the use of government guarantees” in...