VoxEU.org: Recent Articles

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Market liquidity of European sovereign bonds during the Covid-19 crisis Posted: In March 2020, a 'dash for cash' driven by the Covid-19 crisis affected the liquidity of the US Treasury bonds market as well as numerous other financial markets around the globe. This column investigates how euro area sovereign bond markets fared during the same period. While deteriorations in sovereign debt market liquidity are evident, these appear to be driven by a 'dash for collateral' in euro-denominated safe assets. This suggests some differences from the US experience, as well as variations across European countries.

Political contestability and public contract renegotiations Posted: The frequent renegotiation of public contracts is variously attributed to collusion between officials and bidders, the desire to circumvent budgetary rules, and other factors. This column challenges the industrial organisation view of public contract renegotiation, showing that frequent renegotiations can be understood as a consequence of the non-remediable, rigid nature of contracts rather than an inherent consequence of opportunistic behaviour.

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