Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/207605
Editors: 
Grandia, Roel
Hänling, Petra
Russo, Michelina Lo
Aberg, Pontus
Year of Publication: 
2019
Series/Report no.: 
ECB Occasional Paper 218
Abstract: 
This paper provides an overview of supply and demand factors influencing the availability of euro-denominated debt instruments that qualify as high-quality liquid assets (HQLA) in the euro area. The paper estimates the supply of HQLA issued by the public and private sectors as well as the aggregated impact of Eurosystem monetary policy operations on the amount and composition of HQLA held by banks and other economic agents. An assessment of the main demand factors is also presented. Finally, the paper provides some insights into the interaction with and implications for the Eurosystem monetary policy implementation framework in the longer run.
Subjects: 
regulatory changes
central bank policies
bank regulation
credit operations
asset purchase programme
JEL: 
D41
E58
G1
G28
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3679-8
Document Type: 
Research Report

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