Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/208348 
Erscheinungsjahr: 
2019
Schriftenreihe/Nr.: 
ECB Working Paper No. 2314
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
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.
Schlagwörter: 
Unconventional monetary policy
corporate sector purchase programme
loansupply
ECB
JEL: 
E52
E58
G01
G21
G28
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-92-899-3883-9
Dokumentart: 
Working Paper

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