advanced economies and the euro area. During the last decades, investors from abroad have increased their presence in …

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Programme at the security level …. Our empirical analysis shows that euro area investors (in particular investment funds and households) actively rebalanced … away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities …

While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy … perspective, to what extent do movements in euro area sovereign spreads reflect country-specific solvency concerns? In line with … previous studies, the paper suggests that euro area sovereign risk premium differentials tend to comove over time and are …

advanced economies and the euro area. During the last decades, investors from abroad have increased their presence in …

size of euro capital markets and the existing roles of European currencies in international capital markets. The paper also … examines the euro’s impact on international securities markets, including the role of the ECB, the evolution of EMU securities …, as are the broader implications of the introduction of the euro for changes in international capital flows, international …

The success of European Economic and Monetary Union (EMU) will depend on the stability of the euro. The monetary policy … inflation targeting rule that includes output. Implications for the euro as a reserve currency are examined in the light of the …