| 来源类型 | Discussion paper
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| 规范类型 | 论文
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| 来源ID | DP8974
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| DP8974 The ECB as Lender of Last Resort for Sovereigns in the Euro Area |
| Willem Buiter; Ebrahim Rahbari
|
| 发表日期 | 2012-05-23
|
| 出版年 | 2012
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| 语种 | 英语
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| 摘要 | The paper establishes that sovereigns, like banks, need a lender of last resort (LoLR). In the euro area the ECB, with its estimated ?3.4 trillion non-inflationary loss absorption capacity, is the only credible sovereign LoLR. The ECB/Eurosystem has been acting as sovereign LoLR through its SMP purchases of periphery sovereign debt in the secondary markets. It has also contributed, through the deeply subsidised bank funding it provided through the 3-year LTROs, half of a mechanism to purchase periphery sovereign debt in the primary issue markets. The other half has been financial repression requiring banks in Italy and Spain to purchase more of their own government?s debt than they would voluntarily and at below-market yields. We expect that, once Spain and Italy are under troika programmes, the Eurosystem will also lend to these sovereigns indirectly, through loans by the national central banks to the IMF which on-lends them to these sovereigns. We recommend that, to increase its effectiveness as LoLR, the ESM be given a banking license. To reduce the illegitimate and unaccountable abuse of the ECB/Eurosystem as a quasi-fiscal actor, we propose that all its credit risk-related losses be jointly and severally guaranteed/indemnified by the 17 euro area member states. |
| 主题 | International Macroeconomics
|
| 关键词 | Financial repression
Emu
Quasi-fiscal activities
Seigniorage
Central bank
Lender of last resort
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| URL | https://cepr.org/publications/dp8974
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/537826
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推荐引用方式
GB/T 7714 |
Willem Buiter,Ebrahim Rahbari. DP8974 The ECB as Lender of Last Resort for Sovereigns in the Euro Area. 2012.
|
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