Η μεγάλη δικαίωση για Καμμένο, Νούλα, Τόμπρα κλπ. Πόνταραν στην πτώχευση και το ήξεραν όλοι.

Εκει στις σελιδες 7+8 στον πινακα που παρουσιαζει τα ΓΕΓΟΝΟΤΑ…

To ΓΑΠ δεν ηξερε τα CDS, Ο Αντρικος ηταν σε αλλο δωματιο… και ο ΣΤΑΙΚΟΥΡΑΣ ΕΚΑΝΕ

Κυριες και κυριοι…. την θυμοσαστε την Ναντια Κομανεντσι?? Η απολυτη αθλητρια και γυμναστρια. Πρωτη σε ολες τις ΤΟΥΜΠΕΣ !

Αφιερωμενο οπως παντα σε ολα τα ΓΙΔΙΑ… και φυσικα εχω και συνεχεια…

ΡΕ ΚΑΘΗΚΙΑ ΔΕ ΘΑ ΣΑΣ ΑΦΗΣΩ ΝΑ ΚΑΝΕΤΕ ΑΥΤΟ ΠΟΥ ΕΧΕΤΕ ΣΤΟ ΓΙΔΟΜΥΑΛΟ ΣΑΣ ΤΕΛΟΣ ΙΑΝΟΥΑΡΙΟΥ 2012 !!!

ΠΠ—WP 11-16

N. Apergis
University of Piraeus, Greece

E. Mamatzakis
University of Piraeus, Greece
The Rimini Centre for Economic Analysis (RCEA), Italy

C. Staikuras
Athens University of Economics and Business, Greece

The Greek sovereign debt crisis: testing for regime changes.

N. Apergis1, E. Mamatzakis2 and C. Staikuras3

December 2010

Abstract

This  paper  examines  whether  the  efficiency  market  hypothesis  for  the  Greek sovereign debt holds. As in Blanco et al. (2005) we test the theoretical equivalence of credit  default  swap  (CDS)  and  spreads  that  dictates  a  cointegration  relationship between the two. The main innovation of the present analysis is the use of a threshold vector error-correction (TVECM) model, thus allowing thresholds within the sample covering the period 1990-2010. Moreover, by employing this  methodology we are able to evaluate the degree and dynamics of transaction costs resulting from various events due to external market imperfections but also domestic factors. The main hypothesis we test is to what extent spreads and CDS are indeed integrated that may result in an efficient and integrated segniorage capital market. Our findings support the gradual integration  hypothesis. We find that spreads and CDS are cointegrated, though threshold effects are also revealed in terms of events that have impacted on markets.

1    Department of Banking and Financial Management, University of Piraeus, Karaoli and
Dimitriou 80, Piraeus 18534, Greece, [email protected].
2  University of Piraeus, Department of Economics, [email protected].
3Member of Greek Parliament and Department of Accounting and Finance, Athens University of Economics and Business, 76 Patision Street, 104 34, Athens, Greece, [email protected] .

Box1. The Sovereign Debt Crisis in Greece: Chronology of Events.
23 December 2009: Parliament adopts the 2010 budget setting a general government deficit target of 9.1 percent of GDP.
15  January  2010:  Government  submits  the  updated  stability  programme  (SP), projecting a reduction of the government deficit of 4 percentage points to 8.7 percent of GDP in 2010, and correction of the excessive deficit by 2012. The debt ratio was projected to peak at 121 percent of GDP in 2011.
1 February 2010: 2-year bond spreads reach 347 basis point