ECB’s TLTRO2 eased Italian credit conditions – BoI paper

Bank of Italy regional office, Matera
Christopher Jeffery

A working paper from the Bank of Italy looks at the impact on Italian lenders of one of the European Central Bank’s quantitative easing programmes.

In The impact of TLTRO2 on the Italian credit market: some econometric evidence, Lucia Esposito, Davide Fantino and Yeji Sung investigate the ECB’s second set of targeted long-term refinancing operations (TLTRO2).

The authors use a difference-in-differences approach to see what data on credit transactions, and bank and firm characteristics

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