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Spillovers of the ECB's non-standard monetary policy into CESEE economies

Alessio Ciarlone () and Andrea Colabella ()

Revista ESPE - Ensayos sobre Política Económica, 2016, vol. 34, issue 81, No 81, 175-190

Abstract: In this paper we provide evidence that ECB's asset purchase programmes spill over into CESEE countries contributing to easing their financial conditions, both in the short- and in the long-term through different transmission channels. In the short run, a selected number of financial variables in CESEE markets appear to respond to the news related to ECB non-standard policies, moving in the expected direction. On a longer-term horizon, we found that that portfolio and banking capital inflows towards CESEE economies were affected by announcements of ECB's asset purchase programmes and actual asset purchases, pointing to the existence of a portfolio rebalancing and a (banking) liquidity channels in the latter case.

Keywords: Unconventional monetary policy; ECB; Central and Eastern Europe; International spillovers; Event study (search for similar items in EconPapers)
JEL-codes: C32 C33 E52 E58 F21 G15 (search for similar items in EconPapers)
Date: 2016
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Journal Article: Spillovers of the ECB's non-standard monetary policy into CESEE economies (2016) Downloads
Working Paper: Spillovers of the ECB's non-standard monetary policy into CESEE economies (2016) Downloads
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