Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases - Update December 2021

Carlo Birkholz and Friedrich Heinemann

No 21-13, ZEW Expert Briefs from ZEW - Leibniz Centre for European Economic Research

Abstract: The ECB Council has to take a decision on the future of its asset purchase programmes as the monetary crisis support that was appropriate in the early phase of the pandemic needs to be adjusted to new circumstances. The changing environment is characterized by an advanced recovery from the pandemic contraction and by new growth obstacles such as shortages of important inputs. With these changes, initially convincing arguments for extraordinary monetary policy supports are losing their strength. Against this background, this study updates an earlier quantitative analysis on the conduct of both the PEPP and the PSPP since the outbreak of the pandemic. For PSPP/PEPP purchases between March 2020 and September 2021, this expertise assesses the size of purchase flows and stocks, country allocations and their proportionality to the ECB capital key, and their magnitude relative to GDP and public debt.

Date: 2021
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/271645/1/zew-exp202113.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:zewexb:2113

Access Statistics for this paper

More papers in ZEW Expert Briefs from ZEW - Leibniz Centre for European Economic Research Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().