ECB’s asset purchases didn’t always stimulate bank lending – research

The European Central Bank, Frankfurt

The European Central Bank’s asset purchase programme (APP) stimulated lending to non-financial firms by some eurozone banks, but not by others, a working paper published by the Deutsche Bundesbank finds.

In The effects of the Eurosystem’s APP on euro area bank lending: letting different data speak, Barno Blaes, Björn Kraaz and Christian Offermanns ask whether the APP fulfilled its goal of stimulating eurozone banks’ lending to businesses.

The authors identify the exposure of eurozone banks to

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