Lending effects of the ECB's asset purchases

• 成果类型: Article
• 署名作者: Koetter, Michael
• 署名单位: Leibniz Association; Leibniz Institut fur Wirtschaftsforschung Halle (IWH); Otto von Guericke University; Deutsche Bundesbank
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2019.08.019
• 发表日期: 2020
• 页码: 39-52
• 关键词: Unconventional monetary policy; SMP; Bank lending

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.