ECB’s sovereign bond purchases may increase volatility, DNB paper says
Researchers say their findings could have important lessons for “tapering” programmes
The European Central Bank’s bond purchase programme may have increased volatility in the eurozone’s sovereign bond market, says a working paper published by the Netherlands Bank.
In The impact of the ECB asset purchases on the European bond market structure: Granular evidence on ownership concentration, Martijn Boermans and Viacheslav Keshkov investigate how the Eurosystem’s Public Sector Purchase Programme (PSPP) affected the market for sovereign bonds.
The authors focus particularly on the
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