Spanish paper finds LTROs had ‘moderate’ effect
Examines the impact of two ‘very long-term refinancing operations’
Operations that provide banks in the eurozone with cheap funding had a "moderately sized" effect on the supply of credit to firms in 2011 and 2012, according to a working paper published by the Bank of Spain.
In The Bank Lending Channel of Unconventional Monetary Policy: The Impact of the VLTROS on Credit Supply in Spain, Miguel García-Posada and Marcos Marchetti assess what they deem the "very long-term refinancing operations" conducted by the Eurosystem in December 2011 and February 2012.
Usin
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