DETERMINANTS OF THE GOVERNMENT BOND YIELD: EVIDENCE FROM A HIGHLY EUROISED SMALL OPEN ECONOMY (CROSBI ID 669627)
Prilog sa skupa u zborniku | sažetak izlaganja sa skupa | međunarodna recenzija
Podaci o odgovornosti
Mihelja Žaja, Maja ; Jakovčević, Drago ; Višić, Lucija
engleski
DETERMINANTS OF THE GOVERNMENT BOND YIELD: EVIDENCE FROM A HIGHLY EUROISED SMALL OPEN ECONOMY
This paper analyses relationship between bond market, macroeconomic fundamentals and a set of additional covariates in Croatia, a small open economy with a very high and persistent level of euroisation. The sample ranges from the year 2001 to 2017. Ordinary least squares regression is applied on quarterly dataset to examine the major drivers of nominal yields of government bonds, whereas Multiple Breakpoint Tests are used to determine structural breaks in the variables. The results corroborate theoretical knowledge and suggest a significant effect of fiscal and financial determinants on bond yields. Variables presenting macroeconomic fundamentals explain a substantial part of Croatian trends. Therefore, policymakers seeking to improve macroeconomic conditions should learn from multi-causal studies involving these variables before setting their policies.
government bonds, macroeconomic fundamentals, Croatia
nije evidentirano
nije evidentirano
nije evidentirano
nije evidentirano
nije evidentirano
nije evidentirano
Podaci o prilogu
30-30.
2018.
objavljeno
Podaci o matičnoj publikaciji
Book of Abstracts of the 8th Business & Management Conference, Venice
Rotschedl ; Jiri
Prag: International Institute of Social and Economic Sciences
978-80-87927-74-8
2570-6543
2570-6543
Podaci o skupu
8th Business & Management Conference
predavanje
04.09.2018-07.09.2018
Venecija, Italija