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  1. The financial market effects of the ECB's asset purchase programs
    Erschienen: [25.08.2017]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to... mehr

    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    keine Fernleihe
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    DS 12 (2017,23)
    keine Fernleihe
    Universitätsbibliothek Osnabrück
    keine Fernleihe

     

    The European Central Bank's asset purchase programs, while intended to stabilize the economy, may have unintended side effects on financial stability. This paper aims at gauging the effects on financial markets, the banking sector, and lending to non-financial firms. Using a structural vector autoregression analysis, we find both in the euro area and in Germany a positive effect on output, while prices do not respond significantly. Asset purchases reduce financial stress, but this beneficial effect is overturned in the medium run. In Germany, implicit firm default rates rise, while loan write-offs by banks decrease. This could point to an avoidance of balance sheet repair in the financial sector.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957293855
    Weitere Identifier:
    hdl: 10419/168339
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2017, 23
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen