Impact of ECB unconventional policies depends on bank capitalisation, finds Belgian paper
Less solvent banks less likely to turn central bank liquidity into new loans to the real economy
The impact of unconventional monetary policy on GDP in different eurozone countries correlates strongly with bank capitalisation, as less solvent banks are less likely to swiftly turn central bank liquidity into new loans to the real economy, according to a working paper published by the National Bank Belgium.
Effectiveness and transmission of the ECB's balance sheet policies by Jef Boeckx, Maarten Dossche and Gert Peersman examines the effects of the unconventional measures taken by the
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