The DOI matches its Crossref record; 10 of the 10 references it cites were found in a registry or an index.
What Explains the Surge in Euro Area Sovereign Spreads during the Financial Crisis of 2007–09?
Open accessAbstract
This paper explains the determinants of widening sovereign bond yield spreads vis-à-vis Germany in selected euro area countries during the period end-July 2007 to end-March 2009, when the financial turmoil developed into a full-blown financial and economic crisis. Emphasis is given to the role of fiscal fundamentals and government announcements of substantial bank rescue packages. The paper finds that higher expected budget deficits and/or higher government debt ratios relative to Germany contributed to higher government bond yield spreads in the euro area during the analyzed period. More importantly, the announcements of bank rescue packages have led to a re-assessment, from the part of investors, of sovereign credit risk, first and foremost through a transfer of risk from the private financial sector to the government.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
How Much Should We Trust Differences-in-Differences Estimates?
Bertrand, M., Duflo, E., & Mullainathan, S. (2004) · The Quarterly Journal of Economics · doi:10.1162/003355304772839588 · Cited by 10,641
Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence
Hoechle, D. (2007) · The Stata Journal: Promoting communications on statistics and Stata · doi:10.1177/1536867x0700700301 · Cited by 3,333
Fiscal Institutions and Fiscal Performance
Poterba, J. M., & von Hagen, J. (1999) · University of Chicago Press eBooks · doi:10.7208/chicago/9780226676302.001.0001 · Cited by 881
Cluster-Sample Methods in Applied Econometrics
Wooldridge, J. M. (2003) · American Economic Review · doi:10.1257/000282803321946930 · Cited by 867
Flight-to-Quality or Flight-to-Liquidity? Evidence from the Euro-Area Bond Market
Beber, A., Brandt, M. W., & Kavajecz, K. A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhm088 · Cited by 704
New Evidence on the Interest Rate Effects of Budget Deficits and Debt
Laubach, T. (2009) · Journal of the European Economic Association · doi:10.1162/jeea.2009.7.4.858 · Cited by 697
Do Credit Markets Discipline Sovereign Borrowers? Evidence from U.S. States
Bayoumi, T., Goldstein, M., & Woglom, G. (1995) · Journal of Money, Credit and Banking · doi:10.2307/2077788 · Cited by 331
What drives spreads in the euro area government bond market?
Manganelli, S., & Wolswijk, G. (2009) · Economic Policy · doi:10.1111/j.1468-0327.2009.00220.x · Cited by 301
Default Risk on Government Debt in OECD Countries
Alesina, A., Broeck, M. D., Prati, A., Tabellini, G., Obstfeld, M., & Rebelo, S. (1992) · Economic Policy · doi:10.2307/1344548 · Cited by 291
Fiscal policy and interest rates in Europe
Faini, R. (2006) · Economic Policy · doi:10.1111/j.1468-0327.2006.00163.x · Cited by 201
Cited by
The EMU sovereign-debt crisis: Fundamentals, expectations and contagion
Arghyrou, M. G., & Kontonikas, A. (2012) · Journal of International Financial Markets, Institutions and Money · doi:10.1016/j.intfin.2012.03.003 · Cited by 458
Shambaugh, J. C. (2012) · Brookings Papers on Economic Activity · doi:10.1353/eca.2012.0006 · Cited by 332
Metadata
- Authors
- Attinasi, M.-G., Checherita, C., & Nickel, C.
- Venue
- Public Finance and Management
- Publisher
- SAGE Publications
- Published
- 2010-12
- Volume
- 10
- Issue
- 4
- Pages
- 595-646
- ISSN
- 1523-9721 (ISSN-L)
- OpenAlex
- W3124014984
- Cited by
- 312
- References
- 10
- FWCI
- 51.99
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: What Explains the Surge in Euro Area Sovereign Spreads during the Financial Crisis of 2007–09? https://app.cochat.ai/papers/10.1177/152397211001000403
- The paper
- Attinasi, M.-G., Checherita, C., & Nickel, C. (2010). What Explains the Surge in Euro Area Sovereign Spreads during the Financial Crisis of 2007–09? Public Finance and Management. https://doi.org/10.1177/152397211001000403
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
