European Central Bank - eurosystem
European Central Bank - eurosystem
Search
Opțiuni de căutare
Pagina inițială Media Materiale explicative Studii și publicații Statistici Politică monetară Euro Plăți și piețe Cariere
Sugestii
Sortează în funcție de
Nu este disponibil în limba română

Andrea Poinelli

15 January 2025
WORKING PAPER SERIES - No. 3013
Flexible asset purchases and repo market functioning
English
Details
Abstract
Flexibility has progressively become a distinctive feature of the implementation of the Eurosystem’s asset purchases. In its many manifestations, flexibility has also been used by asset managers in the daily selection of sovereign bonds to limit the impact of asset purchases on repo market specialness. This study shows that, since the inception of the Public Sector Purchase Programme, flexible purchases of bonds greatly mitigated the Eurosystem’s footprint on the repo market.
JEL Code
E50 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G10 : Financial Economics→General Financial Markets→General
G18 : Financial Economics→General Financial Markets→Government Policy and Regulation