Eintrag weiter verarbeiten
International capital flows at the security level: evidence from the ECB's Asset Purchase Programme
Gespeichert in:
| Personen und Körperschaften: | , , |
|---|---|
| Titel: | International capital flows at the security level: evidence from the ECB's Asset Purchase Programme/ Katharina Bergant, Michael Fidora, Martin Schmitz |
| Format: | E-Book |
| Sprache: | Englisch |
| veröffentlicht: |
Frankfurt am Main, Germany
European Central Bank
[2020]
|
| Gesamtaufnahme: |
Europäische Zentralbank: Working paper series ; no 2388 (April 2020)
|
| Quelle: | Verbunddaten SWB Lizenzfreie Online-Ressourcen |
| Zusammenfassung: | We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Pro- gramme at the security level. Based on net transactions of domestic and foreign securities, we observe euro area sectors' capital ows into individual securities, cleaned from valuation effects. Our empirical analysis { which accounts for security-level characteristics { shows that euro area investors (in particular investment funds and households) actively rebal- anced away from securities targeted under the Public Sector Purchase Programme and other euro-denominated debt securities, towards foreign debt instruments, including 'closest sub- stitutes', i.e. certain sovereign debt securities issued by non-euro area advanced countries. This rebalancing was particularly strong during the first six quarters of the programme. Our analysis also reveals marked differences across sectors as well as country groups within the euro area, suggesting that quantitative easing has induced heterogeneous portfolio shifts. |
|---|---|
| Umfang: | 1 Online-Ressource (circa 44 Seiten); Illustrationen |
| ISBN: |
9789289940313
928994031X |