Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/208348
Authors: 
Betz, Frank
De Santis, Roberto A.
Year of Publication: 
2019
Series/Report no.: 
ECB Working Paper No. 2314
Abstract: 
Using a representative sample of businesses in the euro area, we show that Eurosystem purchases of corporate bonds under the Corporate Sector Purchase programme (CSPP) increased the net issuance of debt securities, triggering a shift in bank loan supply in favour of firms that do not have access to bond-based financing. Identification comes from matching bank-dependent firms to their lenders and accounting for the effect of CSPP on banks' activity in the syndicated loan market. In a difference-in-differences setting, we show that credit access improved relatively more for firms borrowing from banks relatively more exposed to CSPP-eligible firms. Unlike in previous studies, this result applies regardless of bank balance sheet quality as measured by Tier 1 and NPL ratios.
Subjects: 
Unconventional monetary policy
corporate sector purchase programme
loansupply
ECB
JEL: 
E52
E58
G01
G21
G28
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3883-9
Document Type: 
Working Paper

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