The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets
We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase p...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Dwyer, Gerald P. [verfasserIn] Gilevska, Biljana [verfasserIn] Nieto, Maria J. [verfasserIn] Samartín, Margarita [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2023 |
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| Schlagwörter: |
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| Übergeordnetes Werk: |
Enthalten in: Journal of international financial markets, institutions & money - Amsterdam : Elsevier, 1997, 87 |
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| Übergeordnetes Werk: |
volume:87 |
| DOI / URN: |
10.1016/j.intfin.2023.101800 |
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ELV062514628 |
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| 245 | 1 | 0 | |a The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets |
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| 520 | |a We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. | ||
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| 700 | 1 | |a Nieto, Maria J. |e verfasserin |4 aut | |
| 700 | 1 | |a Samartín, Margarita |e verfasserin |4 aut | |
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10.1016/j.intfin.2023.101800 doi (DE-627)ELV062514628 (ELSEVIER)S1042-4431(23)00068-9 DE-627 ger DE-627 rda eng 330 VZ Dwyer, Gerald P. verfasserin aut The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. Euro area Unconventional monetary policy Banks Financial crisis Gilevska, Biljana verfasserin aut Nieto, Maria J. verfasserin aut Samartín, Margarita verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 87 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:87 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 87 |
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10.1016/j.intfin.2023.101800 doi (DE-627)ELV062514628 (ELSEVIER)S1042-4431(23)00068-9 DE-627 ger DE-627 rda eng 330 VZ Dwyer, Gerald P. verfasserin aut The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. Euro area Unconventional monetary policy Banks Financial crisis Gilevska, Biljana verfasserin aut Nieto, Maria J. verfasserin aut Samartín, Margarita verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 87 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:87 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 87 |
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10.1016/j.intfin.2023.101800 doi (DE-627)ELV062514628 (ELSEVIER)S1042-4431(23)00068-9 DE-627 ger DE-627 rda eng 330 VZ Dwyer, Gerald P. verfasserin aut The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. Euro area Unconventional monetary policy Banks Financial crisis Gilevska, Biljana verfasserin aut Nieto, Maria J. verfasserin aut Samartín, Margarita verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 87 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:87 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 87 |
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10.1016/j.intfin.2023.101800 doi (DE-627)ELV062514628 (ELSEVIER)S1042-4431(23)00068-9 DE-627 ger DE-627 rda eng 330 VZ Dwyer, Gerald P. verfasserin aut The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. Euro area Unconventional monetary policy Banks Financial crisis Gilevska, Biljana verfasserin aut Nieto, Maria J. verfasserin aut Samartín, Margarita verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 87 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:87 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 87 |
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10.1016/j.intfin.2023.101800 doi (DE-627)ELV062514628 (ELSEVIER)S1042-4431(23)00068-9 DE-627 ger DE-627 rda eng 330 VZ Dwyer, Gerald P. verfasserin aut The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets 2023 nicht spezifiziert zzz rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. Euro area Unconventional monetary policy Banks Financial crisis Gilevska, Biljana verfasserin aut Nieto, Maria J. verfasserin aut Samartín, Margarita verfasserin aut Enthalten in Journal of international financial markets, institutions & money Amsterdam : Elsevier, 1997 87 Online-Ressource (DE-627)320601811 (DE-600)2020265-9 (DE-576)259485160 1873-0612 nnns volume:87 GBV_USEFLAG_U GBV_ELV SYSFLAG_U GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_31 GBV_ILN_32 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_74 GBV_ILN_90 GBV_ILN_95 GBV_ILN_100 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_187 GBV_ILN_213 GBV_ILN_224 GBV_ILN_230 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2004 GBV_ILN_2005 GBV_ILN_2007 GBV_ILN_2008 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2044 GBV_ILN_2048 GBV_ILN_2049 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2056 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2064 GBV_ILN_2088 GBV_ILN_2106 GBV_ILN_2110 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2122 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2507 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4242 GBV_ILN_4249 GBV_ILN_4251 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4333 GBV_ILN_4334 GBV_ILN_4338 GBV_ILN_4393 GBV_ILN_4700 AR 87 |
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The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets |
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(DE-627)ELV062514628 (ELSEVIER)S1042-4431(23)00068-9 |
| title_full |
The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets |
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Dwyer, Gerald P. |
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Journal of international financial markets, institutions & money |
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Journal of international financial markets, institutions & money |
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2023 |
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Dwyer, Gerald P. Gilevska, Biljana Nieto, Maria J. Samartín, Margarita |
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Elektronische Aufsätze |
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Dwyer, Gerald P. |
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10.1016/j.intfin.2023.101800 |
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330 |
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verfasserin |
| title_sort |
the effects of the ecb’s unconventional monetary policies from 2011 to 2018 on banking assets |
| title_auth |
The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets |
| abstract |
We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. |
| abstractGer |
We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. |
| abstract_unstemmed |
We examine the effects of all three major European Central Bank (ECB) unconventional monetary policies since 2011 for euro area banks’ holdings of loans, government securities and cash deposited in central banks. The three ECB’s policies are long-term refinancing operations (LTROs), asset purchase programs and the ECB’s interest rate at its deposit facility. We also compare the responses of non-crisis and crisis countries to these policies. Our evidence indicates that the ECB’s unconventional monetary policy measures increased bank loans across the euro area countries. The second round of LTROs, also known as targeted LTROs (TLTROs), conditioned additional lending on banks. This change had substantially larger effect on total lending by banks. The computed effects of the average sizes of LTROs and TLTROs indicate that in non-crisis countries, LTROs increased bank loans by 7.6 % of assets and TLTROs increased bank loans by 16.4 % of assets; the increases were 8.4 % and 14.6 % for LTROs and TLTROs, respectively, in crisis countries. We find that both LTROs and TLTROs were associated with decreases in government securities held by banks in non-crisis countries while the LTROs was associated with increases in government securities held by banks in crisis countries. |
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| title_short |
The effects of the ECB’s unconventional monetary policies from 2011 to 2018 on banking assets |
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Gilevska, Biljana Nieto, Maria J. Samartín, Margarita |
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10.1016/j.intfin.2023.101800 |
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