Arbeitspapier
Soft budget constraints, European Central Banking and the financial crisis
During the European financial crisis, the European Central Bank implemented a series of unconventional monetary policy measures. We argue that these unconventional monetary policy measures created soft budget constraints for the Eurozone countries by lowering their bond yield spreads. This hypothesis is tested using pooled OLS estimations and two different datasets: monetary policy event dummies and the purchase volumes of the Securities Markets Programme (SMP). We find significantly negative effects on bond yield spreads for both datasets, leading us to accept the hypothesis. The results are confirmed by robustness checks that directly estimate the effect of unconventional monetary policy on central government debt.
- Sprache
-
Englisch
- Erschienen in
-
Series: Diskussionsbeiträge ; No. 2016/7
- Klassifikation
-
Wirtschaft
International Lending and Debt Problems
International Finance Forecasting and Simulation: Models and Applications
International Policy Coordination and Transmission
Capitalist Systems: Performance and Prospects
Comparative Analysis of Economic Systems
- Thema
-
soft budget constraints
bond yield spreads
monetary policy events
securities markets programme
European Central Bank
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Jäger, Jannik
Grigoriadis, Theocharis
- Ereignis
-
Veröffentlichung
- (wer)
-
Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
- (wo)
-
Berlin
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:46 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Jäger, Jannik
- Grigoriadis, Theocharis
- Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
Entstanden
- 2016
Ähnliche Objekte (12)
Size and Soft Budget Constraints
Size and soft budget constraints
Size and soft budget constraints
Size, spillovers and soft budget constraints
Banking Competition and Soft Budget Constraints: How Market Power can threaten Discipline in Lending
An Empirical Approach for Evaluating Soft Budget Constraints
Provision of social goods and soft budget constraints
Soft budget constraints: political artefact or economic phenomenon?
Provision of social goods and soft budget constraints
Soft budget constraints : political artefact or economic phenomenon?
Provision of Social Goods and Soft Budget Constraints
Provision of Social Goods and Soft Budget Constraints
Size and Soft Budget Constraints
Size and soft budget constraints
Size and soft budget constraints
Size, spillovers and soft budget constraints
Banking Competition and Soft Budget Constraints: How Market Power can threaten Discipline in Lending
An Empirical Approach for Evaluating Soft Budget Constraints
Provision of social goods and soft budget constraints
Soft budget constraints: political artefact or economic phenomenon?
Provision of social goods and soft budget constraints
Soft budget constraints : political artefact or economic phenomenon?
Provision of Social Goods and Soft Budget Constraints
Provision of Social Goods and Soft Budget Constraints
Size and Soft Budget Constraints
Size and soft budget constraints
Size and soft budget constraints
Size, spillovers and soft budget constraints
Banking Competition and Soft Budget Constraints: How Market Power can threaten Discipline in Lending
An Empirical Approach for Evaluating Soft Budget Constraints
Provision of social goods and soft budget constraints
Soft budget constraints: political artefact or economic phenomenon?
Provision of social goods and soft budget constraints
Soft budget constraints : political artefact or economic phenomenon?
Provision of Social Goods and Soft Budget Constraints