ECB’s corporate bond-buying had positive effect in Spain, research says
Stimulus reduced yields for non-financial firms and increased credit to smaller companies
The corporate bond-buying plan unveiled by the European Central Bank in March 2016 has eased the financial conditions of big and small Spanish firms alike, according to research published by the Bank of Spain on January 18.
The ECB expanded its bond-purchasing programme to the bonds issued by eurozone non-financial corporations, aiming to facilitate their access to credit, and ultimately foster economic growth and higher inflation.
The Corporate Sector Purchase Programme has acquired corporate
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