Serviços Personalizados
Journal
Artigo
Indicadores
- Citado por SciELO
- Acessos
Links relacionados
- Citado por Google
- Similares em SciELO
- Similares em Google
Compartilhar
Ensayos sobre POLÍTICA ECONÓMICA
versão impressa ISSN 0120-4483
Resumo
CIARLONE, Alessio e COLABELLA, Andrea. Spillovers of the ECB's non-standard monetary policy into CESEE economies. Ens. polit. econ. [online]. 2016, vol.34, n.81, pp.175-190. ISSN 0120-4483. https://doi.org/10.1016/j.espe.2016.09.001.
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
Palavras-chave : Unconventional monetary policy; ECB; Central and Eastern Europe; International spillovers; Event study.