Arbeitspapier
ECB Interventions in Distressed Sovereign Debt Markets: The Case of Greek Bonds
This paper analyses the determinants and effects of ECB interventions in times of severe distress. We focus on the Greek government bond market in mid-2010 and use a unique new dataset to show, for the first time, what type of bonds the ECB bought. We then explore the short-term effects of ECB purchases at the bond-level. The results show a large impact of the interventions on the targeted instruments. Bonds bought by the ECB see a much steeper drop in yields than those not bought. This is consistent with theories of “local supply effects” in segmented or illiquid bond markets.
- Sprache
-
Englisch
- Erschienen in
-
Series: CESifo Working Paper ; No. 4731
- Klassifikation
-
Wirtschaft
Interest Rates: Determination, Term Structure, and Effects
Central Banks and Their Policies
International Lending and Debt Problems
Asset Pricing; Trading Volume; Bond Interest Rates
- Thema
-
central bank
asset purchases
securities markets programme
Eurozone crisis
sovereign risk
market segmentation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Trebesch, Christoph
Zettelmeyer, Jeromin
- Ereignis
-
Veröffentlichung
- (wer)
-
Center for Economic Studies and ifo Institute (CESifo)
- (wo)
-
Munich
- (wann)
-
2014
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:45 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Trebesch, Christoph
- Zettelmeyer, Jeromin
- Center for Economic Studies and ifo Institute (CESifo)
Entstanden
- 2014
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