Konferenzbeitrag
ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds
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. The interventions thus had very local effects only, consistent with theories of segmented bond markets.
- Sprache
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Englisch
- Erschienen in
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Series: Beiträge zur Jahrestagung des Vereins für Socialpolitik 2015: Ökonomische Entwicklung - Theorie und Politik - Session: ECB policies during the crisis ; No. B03-V3
- Klassifikation
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Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Central Banks and Their Policies
International Lending and Debt Problems
- Ereignis
-
Geistige Schöpfung
- (wer)
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Trebesch, Christoph
Zettelmeyer, Jeromin
- Ereignis
-
Veröffentlichung
- (wann)
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2015
- Handle
- Letzte Aktualisierung
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10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Konferenzbeitrag
Beteiligte
- Trebesch, Christoph
- Zettelmeyer, Jeromin
Entstanden
- 2015
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