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Safe haven or contagion? The disparate effects of Euro-zone crises on non-Euro-zone neighbours

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posted on 27.10.2017 by Graham Bird, Wenti Du, Eric Pentecost, Thomas Willett
While there have been many studies that examine contagion within the Euro-zone, this paper investigates the potential contagion from changes in the Greek sovereign risk premium over 2009-2016, as measured by the yield on 10 year government bonds, to six European countries outside of the Euro-zone all of which operated a managed float against the Euro. We find evidence of contagion to potential Euro-zone ascendants (Czech Republic, Hungary and Poland), but ‘flight to safety’ (or safe haven) effects for the United Kingdom, Sweden and Switzerland.

History

School

  • Business and Economics

Department

  • Economics

Published in

Applied Economics

Volume

49

Issue

59

Pages

5895 - 5904

Citation

BIRD, G. ...et al., 2017. Safe haven or contagion? The disparate effects of Euro-zone crises on non-Euro-zone neighbours. Applied Economics, 49(59), pp. 5895-5904.

Publisher

© Taylor & Francis

Version

AM (Accepted Manuscript)

Publisher statement

This work is made available according to the conditions of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) licence. Full details of this licence are available at: https://creativecommons.org/licenses/by-nc-nd/4.0/

Acceptance date

01/08/2017

Publication date

2017-08-24

Copyright date

2017

Notes

This is an original manuscript of an article published by Taylor & Francis in Applied Economics, on 24 Aug 2017 available online: https://doi.org/10.1080/00036846.2017.1358445

ISSN

0003-6846

eISSN

1466-4283

Language

en

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