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.
- Language
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Englisch
- Bibliographic citation
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Series: CESifo Working Paper ; No. 4731
- Classification
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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
- Subject
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central bank
asset purchases
securities markets programme
Eurozone crisis
sovereign risk
market segmentation
- Event
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Geistige Schöpfung
- (who)
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Trebesch, Christoph
Zettelmeyer, Jeromin
- Event
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Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
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Munich
- (when)
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2014
- Handle
- Last update
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10.03.2025, 11:45 AM CET
Data provider
This object is provided by:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Trebesch, Christoph
- Zettelmeyer, Jeromin
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2014
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