| Nº Sistema |
000471217 |
| Autor |
 Arce, Óscar |
| Autor |
Gimeno, Ricardo |
|
Mayordomo, Sergio |
| Título |
Making room for the needy [Recurso electrónico] : the credit-reallocation effects of the ECB’s corporate QE / Óscar Arce, Ricardo Gimeno and Sergio Mayordomo. |
| Publicado en |
Review of Finance [Artículos], v. 25, n. 1, February 2021, p. 43–84, |
| Nota general |
Artículo de revista |
| Resumen |
We analyze how the ECB’s purchases of corporate bonds under its Corporate Sector Purchase Programme (CSPP) affected the financing of Spanish firms. We first document that the announcement of the CSPP in March 2016 raised firms’ propensity to issue bonds. The flipside was a drop in the demand for bank loans by bond issuers. Around 75% of the drop in loans previously made to debt issuers was redirected to other, smaller nonbond issuing firms. This reallocation process was led by banks with weaker liquidity positions experiencing credit outflows, which extended credit to the same firms they were rationing prior to the CSPP. This positive credit supply shock raised the real investment of nonissuing firms. The concomitant ECB’s Targeted Longer-Term Refinancing Operations (TLTRO-II) is estimated to have contributed to amplifying the credit-reallocation effect triggered by the CSPP. [Resumen de la editorial] [eng] |
| Restricciones |
Acceso electrónico RESTRINGIDO por IP a los usuarios de la Biblioteca del Banco de España |
| Acceso electrónico |
 Acceso al texto completo (consultar disponibilidad en SFX). |
| Relacionado con |
Documentos de trabajo / Banco de España; 1743 |
| Clasificación |
G64-Valoración de activos. |
|
E3-Política monetaria. |
|
G6-Mercados financieros. |
|
F2-Finanzas internacionales. |
|
F-Economía internacional. |
| Materia |
BCE. Banco Central Europeo |
| PRESTAR |
EJEMPLARES |
