Global financial market impact of the announcement of the ECB's asset purchase programme
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- 作者：Georgios Georgiadis ; georgios.georgiadis@ecb.int" class="auth_mail" title="E-mail the corresponding author ; Johannes Grä ; b ; johannes.graeb@ecb.int" class="auth_mail" title="E-mail the corresponding author
- 关键词：E52 ; E58 ; G15
- 刊名：Journal of Financial Stability
- 出版年：2016
- 出版时间：October 2016
- 年：2016
- 卷：26
- 期：Complete
- 页码：257-265
- 全文大小：471 K
文摘
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We estimate the announcement effects of the ECB's asset purchase programme.
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The announcement depreciated the euro by signalling accommodative monetary policy.
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It also boosted equity prices around the world by supporting investor confidence.
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Heterogeneities in spillovers are explained by country characteristics.
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No evidence of portfolio rebalancing into emerging economies.