Ellen Ryan and Karl Whelan, (2019), “Quantitative easing and the ‘hot potato’ effect: Evidence from euro area banks”, VoxEU, 5 Απριλίου
The EU’s asset purchase programme saw its central banks’ reserve balances increase to unprecedent levels. This column analyses the response of banks in the euro area to this expansion in system-wide reserves, in particular whether they absorbed the excess liquidity or tried to push it off their balance sheets. The findings suggest that banks dealt with the increased reserves with the purchase of debt securities or paying down funding sources rather than lending to the real economy.
Σχετικές Αναρτήσεις
- Peter Bofinger, (2019), «Normalisation of the ECB’s monetary policy is timely», The Progressive Post, 11 Ιανουαρίου
- The Economist, (2018), «Quantitative easing draws to a close, despite a faltering economy», The Economist (print edition), 6 Δεκεμβρίου