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1、WPS7149PolicyResearchWorkingPaper7149PublicDisclosureAuthorizedEuropeanEconomicandMonetaryUnionSovereignDebtMarketsPublicDisclosureAuthorizedAhmetSensoyErkHacihasanogluAhmedRostomPublicDisclosureAuthorizedPublicDisclosureAuthorizedFinanceandMarketsGlobalPracticeGroupJanuary2015PolicyResearchW
2、orkingPaper7149AbstractThispaperfocusesondevelopmentsintheEuropeanthesovereigndebtturmoil.ThesegmentationstructureisEconomicandMonetaryUnionsovereigndebtmarketsclearlyvisualized,revealingthepotentialpathsforcrisisinthepastdecade.Thefirstpartanalyzestheintegra-andrecoverytransmissioninthefutur
3、e.Inthesecondtionandsegmentationstructureofthebondmarketsofpart,thepapercommentsontherecentdecreasingtrendtheEconomicandMonetaryUnionbeforeandaftertheinEconomicandMonetaryUnionmemberbondyieldssovereigndebtcrisis,byintroducingthenovelconceptofandtheirincreasingdegreeofco-movement.Accord-correl
4、ation-basedstablenetworks.Accordingly,afairinte-ingly,thepaperarguesthatthesechangesdonotdependgrationisobservedbetweenthebondmarketsduringtheonthe?scalperformancesofthemembercountries,butpre-crisisperiod.However,astrictsegmentationemerges,dependontheillusionofqualitythatappearedwiththesepara
5、tingthemembersstrugglingwithdebtproblemsandFed(U.S.FederalReserve)taperingsignalsinearly2013.theoneswithrelativelystrongfiscalperformancesduringThispaperisaproductoftheFinanceandMarketsGlobalPracticeGroup.ItispartofalargereffortbytheWorldBanktoprovideopenaccesstoitsresearchandmakeacontributio
6、ntodevelopmentpolicydiscussionsaroundtheworld.PolicyResearchWorkingPapersarealsopostedontheWebathttp://econ.worldbank.org.Theauthorsmaybecontactedatarostom@worldbank.org.ThePolicyResearchWorkingPaperSeriesdisseminatesthefindingsofworkinprogresstoencouragetheexchangeofideasaboutdevelopmentissu
7、es.Anobjectiveoftheseriesistogetthefindingsoutquickly,evenifthepresentationsarelessthanfullypolished.Thepaperscarrythenamesoftheauthorsandshouldbecitedaccordingly.Thefindings,interpretations,andconclusionsexpressedinthispaperareentirelythoseo
