مجلة بحوث الإدارة والاقتصاد
Volume 6, Numéro 2, Pages 878-893
2024-06-20
The Sovereign Debt Market Between Repercussions Of The Covid-19 Crisis And Speculation On The Cd Swaps Markets.
Authors : Ait Mohammed Mohamed .
Abstract
In an inflationary global context accentuated by the COVID-19 health crisis, by the slowdown in the global supply chain and marked by a surge in energy prices, the sovereign debt bond market has been one of the markets most affected by these disruptions, because States were forced to resort to large bond issues on the sovereign bond market in order to cover their expenses, in addition to periodically refinancing themselves on the markets via securities issues (duty bonds). Treasure). Added to this are the unconventional interventions of Central Banks such as the ECB's emergency securities purchase program (PEPP) established in March 2020 to respond to the panic effect on the financial markets. During this turmoil, the Sovereign Credit Default Swaps (CDS) market worsened the situation, notably by encouraging speculation.
Keywords
Financial market ; Sovereign bond ; Public deficit financing ; Central Bank ; Sovereign credit default swaps
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