The Impact of the ECB’s Asset Purchase Programmes on Sovereign Bond Spreads in the Euro Area. Bruges European Economic Research Papers 35/2015

This paper estimates the immediate impact of the European Central Bank’s asset purchase programmes on sovereign bond spreads in the euro area between 2008 and 2015 using a country-by-country GARCH model. The baseline estimates are rigorously diagnosed for misspecification and subjected to a wide range of sensitivity tests. Among others, changes in the dependent variable, the independent variables and the number of (G)ARCH terms are tested. Moreover, the model is applied to subsamples and dynamic conditional correlations are analyzed to estimate the effects of the asset purchases on the contagion of spread movements. Generally, it is found that the asset purchase programmes triggered an reduction of sovereign bond spreads. More specifically, the Securities Markets Programme (SMP) had the most significant immediate effects on sovereign bond spreads across the euro area. The announcements related to the Outright Monetary Transactions (OMT) programme also yielded substantial spread compression in the periphery. In contrast to that, the most recent Public Sector Purchase Programme (PSPP) announced in January 2015 and implemented since March 2015 had no significant immediate effects on sovereign bond spreads, except for Irish spreads. Hence, immediate effects seem to be dependent upon the size of the programme, the extent to which it targets distressed sovereigns and the way in which it is communicated.

Agricultural development and economic progress in the Caribbean Basin : report of the Presidential Mission on Agricultural Development in Central America and the Caribbean.

Cover title.

The Surface Transportation Assistance Act of 1982: comparative economic effects on the trucking industry. Comptroller General's report to the Committee on Finance, United States Senate.

Mode of access: Internet.

Latin America and the Caribbean : selected economic and social data.

Title from cover.

Final report to the Office of Technical Assistance, Economic Development Administration, United States Department of Commerce ... /

Cover title: A final report on the activities of the San Francisco Local Development Corporation, March 1970 to March 1972.

Annual report on the impact of the Caribbean Basin Economic Recovery Act on U.S. industries and consumers

Mode of access: Internet.

California, 2002 : 2002 economic census, retail trade, geographic area series.

Chiefly tables.

Report on the impact of the Caribbean Basin Economic Recovery Act on U.S. industries and consumers.

Description based on: 7th (1991); title from cover.

1972 OBERS projections; regional economic activity in the United States; by economic area, water resources region and subarea, state, and SMSA and non-SMSA portions of the areas, historical and projected--1929-2020.

"Based on the SERIES 'E' projected national population, Bureau of the Census, 1972."

Focus on the San Bernardino-Riverside-Ontario metropolitan area : an economic study /

Supplement to table 2, page 3 inserted.

An economic study of the area east of Lake Washington.

Mode of access: Internet.

International energy development assistance programs : joint hearing before the Subcommittees on International Economic Policy and Trade and on Inter-American Affairs of the Committee on Foreign Affairs, and the Subcommittee on Energy Development and Applications of the Committee on Science and Technology, U.S. House of Representatives, Ninety-sixth Congress, second session, March 5, 1980.

Item 1017

Economic and political future of the Caribbean [microform] : hearings before the Subcommittee on Inter-American Affairs of the Committee on Foreign Affairs, House of Representatives, Ninety-sixth Congress, first session, July 24, 26, and September 20, 1979.

Reuse of record except for individual research requires license from Congressional Information Service, Inc.