Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/130763 
Erscheinungsjahr: 
2016
Schriftenreihe/Nr.: 
Diskussionsbeiträge No. 2016/7
Verlag: 
Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft, Berlin
Zusammenfassung: 
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.
Schlagwörter: 
soft budget constraints
bond yield spreads
monetary policy events
securities markets programme
European Central Bank
JEL: 
F34
F37
F42
P17
P51
Dokumentart: 
Working Paper

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