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  1. Liquidity in the German corporate bond market
    has the CSPP made a difference?
    Author: Boneva, Lena; Islami, Mevlud; Schlepper, Kathi
    Published: [2021]
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    The Eurosystem purchased €178 billion of corporate bonds between June 2016 and December 2018 under the Corporate Sector Purchase Programme (CSPP). Did these purchases lead to a deterioration of liquidity conditions in the corporate bond market, thus... more

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    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 12
    Inter-library loan:
    No inter-library loan

     

    The Eurosystem purchased €178 billion of corporate bonds between June 2016 and December 2018 under the Corporate Sector Purchase Programme (CSPP). Did these purchases lead to a deterioration of liquidity conditions in the corporate bond market, thus raising concerns about unintended consequences of large-scale asset purchases? To answer this question, we combine the Bundesbank's detailed CSPP purchase records with a range of liquidity indicators for both purchased and nonpurchased bonds. We find that while the flow of purchases supported secondary market liquidity, liquidity conditions deteriorated in the long-run as the Bundesbank reduced the stock of corporate bonds available for trading in the secondary market.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957298164
    Other identifier:
    hdl: 10419/232071
    Series: Discussion paper / Deutsche Bundesbank ; no 2021, 08
    Subjects: Corporate Bond Market; Central Bank Asset Purchases; Market Liquidity
    Scope: 1 Online-Ressource (circa 53 Seiten), Illustrationen
  2. ECB interventions in distressed sovereign debt markets : The case of Greek bonds
    Author: Trebesch, Christoph; Zettelmeyer, Jeromin
    Published: 2018
    Publisher:  Kiel Institute for the World Economy (IfW), Kiel

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