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Determinants of Finland-Sweden bond yield spread during 1995-2013

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dc.date.accessioned 2015-06-15T08:16:52Z und
dc.date.accessioned 2017-03-28T15:52:51Z
dc.date.available 2015-06-15T08:16:52Z und
dc.date.available 2017-03-28T15:52:51Z
dc.date.issued 2015-06-15T08:16:52Z
dc.identifier.uri http://hdl.handle.net/10138.1/4883
dc.title Determinants of Finland-Sweden bond yield spread during 1995-2013 en
ethesis.discipline Economics en
ethesis.discipline Taloustiede fi
ethesis.discipline Ekonomi sv
ethesis.discipline.URI http://data.hulib.helsinki.fi/id/A09230c3-eda4-4b28-804a-a7217254c992
ethesis.department.URI http://data.hulib.helsinki.fi/id/353be4fc-cb8f-483f-8f54-e3d44a189899
ethesis.department Institutionen för politik och ekonomi sv
ethesis.department Department of Political and Economic Studies en
ethesis.department Politiikan ja talouden tutkimuksen laitos fi
ethesis.faculty Statsvetenskapliga fakulteten sv
ethesis.faculty Valtiotieteellinen tiedekunta fi
ethesis.faculty Faculty of Social Sciences en
ethesis.faculty.URI http://data.hulib.helsinki.fi/id/6affe131-10ad-46a1-a7d8-df872797d4a8
ethesis.university.URI http://data.hulib.helsinki.fi/id/50ae46d8-7ba9-4821-877c-c994c78b0d97
ethesis.university Helsingfors universitet sv
ethesis.university University of Helsinki en
ethesis.university Helsingin yliopisto fi
dct.creator Kinnunen, Aleksi
dct.issued 2015
dct.language.ISO639-2 eng
dct.abstract In this thesis, I study the determinants of Finland-Sweden bond yield spread during 1995-2013 by using the Ordinary Least Squares (OLS) approach. I form different regression models, where Finland-Sweden 10-year bond yield spread is dependent variable and variables, based on the bond pricing theory, are explanatory variables. In addition to the regression analysis, I conduct a plot analysis, in which I aim to study whether there are any certain events that may have affected the bond yield spread. The idea behind the plot analysis is that the EMU membership of Finland may have increased the bond yield spread, mainly due to the lack of a lender of last resort. The results from the regression analysis suggest that risk aversion was possibly an important determinant of Finland-Sweden bond yield spread developments during the crisis period 07/2007-12/2013. The risk aversion was measured by the VIX-index. The study also finds some support that other things rather than country specific fiscal fundamentals where driving the bond yield spread during 01/1995-12/2013. The plot analysis results suggest that It is possible that the convergence of bond yields across euro countries and Sweden, were one reason for bond yield spread developments before the crisis period. The results also show that the announcement of the new European Central Bank`s Outright Monetary Transactions (OMT) program in 2012, likely started the fall in the bond yield spread. In addition, during the crisis period, Finland`s bond yield may have benefited from the global risk aversion but not as much as Germany and Sweden. en
dct.language en
ethesis.language.URI http://data.hulib.helsinki.fi/id/languages/eng
ethesis.language English en
ethesis.language englanti fi
ethesis.language engelska sv
ethesis.thesistype pro gradu-avhandlingar sv
ethesis.thesistype pro gradu -tutkielmat fi
ethesis.thesistype master's thesis en
ethesis.thesistype.URI http://data.hulib.helsinki.fi/id/thesistypes/mastersthesis
dct.identifier.urn URN:NBN:fi:hulib-201703273189
dc.type.dcmitype Text

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