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We analyse how the European Central Bank's purchases of corporate bonds under its Corporate Sector Purchase Programme (CSPP) affected the financing of Spanish non-financial firms. We first document that the announcement of the CSPP in March 2016 raised significantly the firms' propensity to...
Persistent link: https://www.econbiz.de/10012952905
We provide a general equilibrium framework for analyzing the effects of supply and demand side policies, and the potential synergies between them, in an asymmetric monetary union that faces a liquidity trap and a slow deleveraging process in its 'periphery'. We find that the joint implementation...
Persistent link: https://www.econbiz.de/10012984386
This article analyses the monetary policy conduct framework in the euro area following the end of net purchases under the financial asset purchase programme. First, there is a review of the monetary policy measures since 2014 and of the ECB's announcements on the future course of its...
Persistent link: https://www.econbiz.de/10012891766
The quantitative easing (QE) policies implemented in recent years by central banks have had a profound impact on the working of money markets, giving rise to large excess reserves and pushing down key interbank rates against their floor – the interest rate on reserves. With macroeconomic...
Persistent link: https://www.econbiz.de/10012895410
What is the impact of negative interest rates on bank lending and risk-taking? To answer this question we study the changes in lending policies using the Euro area Bank Lending Survey and the Spanish Credit Register. Banks whose net interest income is adversely affected by negative rates are...
Persistent link: https://www.econbiz.de/10012899513
We analyse how the European Central Bank's purchases of corporate bonds under its Corporate Sector Purchase Programme (CSPP) affected the financing of Spanish nonfinancial firms. Our results show that the announcement of the CSPP in March 2016 significantly raised firms' propensity to issue...
Persistent link: https://www.econbiz.de/10012941588
Persistent link: https://www.econbiz.de/10001463529
Persistent link: https://www.econbiz.de/10001481549
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