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Driven by the markets? : ECB sovereign bond purchases and the securities markets programme
Belke, Ansgar - 2010
After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to purchase European government bonds - to ensure an “orderly monetary policy transmission mechanism”. Many observers argued that, by bond purchases, national fiscal policies could...
Persistent link: https://www.econbiz.de/10010208777
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Driven by the markets? : ECB sovereign bond purchases and the securities markets programme
Belke, Ansgar - 2010
addresses how effective these sterilisation policies are. -- Accountability ; bail-out ; bond purchases ; central bank … independence ; insolvency risk ; Securities Markets Programme ; transparency … Analysten äußern Bedenken, dass durch die Anleihenkäufe von nun an die Geldpolitik von den nationalen Fiskalpolitiken dominiert …
Persistent link: https://www.econbiz.de/10008933298
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Driven by the markets? : ECB sovereign bond purchases and the securities market programme
Belke, Ansgar - 2010
should deal primarily with the asset side of the ECB balance sheet. [...] -- Accountability ; bail-out ; bond purchases … ; central bank independence ; insolvency risk ; Securities Markets Programme ; transparency …
Persistent link: https://www.econbiz.de/10009261344
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How much fiscal backing must the ECB have? : the euro area is not the Philippines
Belke, Ansgar - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal...
Persistent link: https://www.econbiz.de/10010208780
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How Much Fiscal Backing Must the ECB Have? – The Euro Area is Not the Philippines
Belke, Ansgar Hubertus - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations (“repo”). This has led some commentators to argue that the ECB needs...
Persistent link: https://www.econbiz.de/10013142783
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Driven by the Markets? ECB Sovereign Bond Purchases and the Securities Markets Programme
Belke, Ansgar Hubertus - 2010
Persistent link: https://www.econbiz.de/10013138570
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Driven by the Markets? ECB Sovereign Bond Purchases and the Securities Markets Programme
Belke, Ansgar Hubertus - 2010
After the dramatic rescue package for the euro area, the governing council of the European Central Bank decided to purchase European government bonds - to ensure an "orderly monetary policy transmission mechanism". Many observers argued that, by bond purchases, national fiscal policies could...
Persistent link: https://www.econbiz.de/10013139293
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The Liquidity Effects of Official Bond Market Intervention
De Pooter, Michiel - 2016
To "ensure depth and liquidity," the European Central Bank intervened in sovereign debt markets through its Securities Markets Programme (SMP), providing a unique opportunity to estimate the effects of large-scale asset purchases on sovereign bond liquidity premia. From reduced-form estimates,...
Persistent link: https://www.econbiz.de/10013007977
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The European Central Bank and why things are the way they are : a historic monetary policy pivot point and moment of (relative) clarity
Dubois, Robert - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10009503821
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The European Central Bank and Why Things are the Way They Are : A Historic Monetary Policy Pivot Point and Moment of (Relative) Clarity
Dubois, Robert - 2012
Not since the Great Depression have monetary policy matters and institutions weighed so heavily in commercial, financial, and political arenas. Apart from the eurozone crisis and global monetary policy issues, for nearly two years all else has counted for little more than noise on a relative...
Persistent link: https://www.econbiz.de/10013109818