Exogenous constraints affected asset purchase programme, Irish paper says
Research letter looks at impact of extended scheme
Exogenous constraints may have limited the impact of one of the European Central Bank’s (ECB) asset-purchasing programmes on the portfolios of Irish resident banks, an economic letter published by the Central Bank of Ireland states.
Author Katharina Bergant uses a dataset of the securities bought under the Extended Asset Purchase Programme (EAPP) and banks’ holdings to assess the scheme’s effects.
She finds banks did not change their purchasing trends for securities eligible to be bought under
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