Oxford Review of Economic Policy volume 20, issue 4, P531-554 2004 DOI: 10.1093/oxrep/grh031 View full text
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M. Pagano

Abstract: AbstractIn this paper, we document how in the wake of monetary unification the markets for Euro-area sovereign and private-sector bonds have become increasingly integrated. Issuers and investors alike have come to regard the Euro-area bond market as a single one. Primary and secondary bond markets have become increasingly integrated on a pan-European scale. Issuance of corporate bonds has taken off on an unprecedented scale in continental Europe. In the process, both investors and issuers have reaped the cons…

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