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The impact of the Securities Markets Programme

Simone Manganelli ()

Research Bulletin, 2012, vol. 17, 2-5

Abstract: With the escalation of the financial crisis in the euro area, the ECB started to purchase government bonds in the secondary market, with the goal of restoring appropriate levels of liquidity and protecting the monetary transmission mechanism. The fact that SMP interventions were typically carried out on days of sustained market pressure creates major econometric challenges for assessing the impact of the programme. The papers reviewed in this article adopt different perspectives, data and methodologies to solve the identification problem. They find that the SMP contributed to reducing liquidity risk and bond yield volatility. JEL Classification: E5, E4

Keywords: securities; markets; programme (search for similar items in EconPapers)
Date: 2012-12
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Handle: RePEc:ecb:ecbrbu:2012:0017:1