当前位置:
X-MOL 学术
›
Rev. Financ.
›
论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
Making Room for the Needy: The Credit-Reallocation Effects of the ECB’s Corporate QE*
Review of Finance ( IF 5.059 ) Pub Date : 2020-08-08 , DOI: 10.1093/rof/rfaa020 Óscar Arce 1 , Sergio Mayordomo 1 , Ricardo Gimeno 1
中文翻译:
为有需要的人腾出空间:欧洲央行企业量化宽松的信贷重新分配效应*
更新日期:2020-08-08
Review of Finance ( IF 5.059 ) Pub Date : 2020-08-08 , DOI: 10.1093/rof/rfaa020 Óscar Arce 1 , Sergio Mayordomo 1 , Ricardo Gimeno 1
Affiliation
Abstract
We analyze how the ECB’s purchases of corporate bonds under its Corporate Sector Purchase Programme (CSPP) affected the financing of Spanish firms. We first document that the announcement of the CSPP in March 2016 raised firms’ propensity to issue bonds. The flipside was a drop in the demand for bank loans by bond issuers. Around 75% of the drop in loans previously made to debt issuers was redirected to other, smaller nonbond issuing firms. This reallocation process was led by banks with weaker liquidity positions experiencing credit outflows, which extended credit to the same firms they were rationing prior to the CSPP. This positive credit supply shock raised the real investment of nonissuing firms. The concomitant ECB’s Targeted Longer-Term Refinancing Operations (TLTRO-II) is estimated to have contributed to amplifying the credit-reallocation effect triggered by the CSPP.
中文翻译:
为有需要的人腾出空间:欧洲央行企业量化宽松的信贷重新分配效应*
摘要
我们分析了欧洲央行根据其公司部门购买计划(CSPP)购买公司债券如何影响西班牙公司的融资。我们首先证明,2016年3月CSPP的宣布提高了公司发行债券的倾向。不利的一面是债券发行人对银行贷款的需求下降。先前向债务发行人提供的贷款下降中,约有75%被转给了其他规模较小的非债券发行公司。这种重新分配过程是由流动性状况较差的银行经历信贷流出而导致的,这些银行将信贷延伸至在CSPP之前进行配给的同一家公司。这种积极的信贷供应冲击提高了非发行公司的实际投资。