Lending effects of the ECB's asset purchases

被引：4

作者：

Koetter, Michael ^{[1
,2
,3
]}

机构：

[1] Halle Inst Econ Res IWH, Kleine Markerstr 8, D-06108 Halle, Saale, Germany

[2] Otto von Guericke Univ, Kleine Markerstr 8, D-06108 Halle, Saale, Germany

[3] Deutsch Bundesbank, Wilhelm Eppstein Str 14, D-60431 Frankfurt, Germany

来源：

JOURNAL OF MONETARY ECONOMICS | 2020年 / 116卷

关键词：

Unconventional monetary policy; SMP; Bank lending; UNCONVENTIONAL MONETARY-POLICY;

D O I：

10.1016/j.jmoneco.2019.08.019

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Between 2010 and 2012, the European Central Bank absorbed Euro218 billion worth of government securities from five EMU countries under the Securities Markets Programme (SMP). Detailed security holdings data at the bank level affirms an effective lending stimulus due to the SMP. Exposed banks contract household lending, but increase commercial lending substantially. Holding non-SMP securities from stressed EMU countries amplifies the commercial lending response. The SMP also improved liquidity buffers and profitability without compromising credit quality. (C) 2019 Elsevier B.V. All rights reserved.

引用

页码：39 / 52

页数：14

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