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

Alessio Ciarlone () and Andrea Colabella ()

No 351, Questioni di Economia e Finanza (Occasional Papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: In this paper we provide evidence that the effects of the 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 term, a number of variables in CESEE financial markets appear to respond to news related to the ECB’s non-standard policies by moving in the expected direction. Over a longer-term horizon, we found that cross-border portfolio and banking capital flows towards CESEE economies have been ffected by both the announcement and the actual implementation of the ECB’s asset purchase programmes, pointing to the existence of a portfolio rebalancing and a banking liquidity channel.

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 F32 F36 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-ifn, nep-mac, nep-mon, nep-sog and nep-tra
Date: 2016-09
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Citations: View citations in EconPapers (2) Track citations by RSS feed

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Journal Article: Spillovers of the ECB's non-standard monetary policy into CESEE economies (2016) Downloads
Journal Article: Spillovers of the ECB's non-standard monetary policy into CESEE economies (2016) Downloads
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