| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP12635 |
| DP12635 ECB interventions in distressed sovereign debt markets: The case of Greek bonds | |
| Jeromin Zettelmeyer; Christoph Trebesch | |
| 发表日期 | 2018-01-22 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | We study central bank interventions in times of severe distress (mid-2010), using a unique bond-level dataset of ECB purchases of Greek sovereign debt. ECB bond buying had a large impact on the price of short and medium maturity bonds, resulting in a remarkable “twist” of the Greek yield curve. However, the effects were limited to those sovereign bonds actually bought. We find little evidence for positive effects on market quality, or spillovers to close substitute bonds, CDS markets, or corporate bonds. Hence, our findings attest to the power of central bank intervention in times of crisis, but also suggest that in highly distressed situations, this power may not extend beyond those assets actually purchased. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Central bank asset purchases Securities markets programme Eurozone crisis Sovereign risk Market segmentation |
| URL | https://cepr.org/publications/dp12635 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541447 |
| 推荐引用方式 GB/T 7714 | Jeromin Zettelmeyer,Christoph Trebesch. DP12635 ECB interventions in distressed sovereign debt markets: The case of Greek bonds. 2018. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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