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Title: The corporate sector purchase programme (CSPP): Effectiveness and challenges ahead
Authors: Macchiarelli, C
Monti, M
Vedolin, A
Keywords: financial market;bank;single monetary policy;small and medium-sized enterprises;economic analysis;loan;bond;EU investment;credit institution;investment promotion;financial stability;euro area;European Central Bank
Issue Date: 15-Sep-2017
Publisher: European Union
Citation: The corporate sector purchase programme (CSPP): Challenges and future prospects
Series/Report no.: Monetary Policy Dialogue;September 2017
European Union. Directorate-General for Internal Policies of the Union. Policy Department A Economic and Scientific Policy;IP/A/ECON/2017-03
Abstract: In March 2016 the ECB announced the launching of the Corporate Sector Purchase Programme (CSPP), enabling the direct purchase by the ECB of investment grade euro-denominated bonds issued by non-bank corporations based in the Euro area in the primary and secondary markets. Although a new monetary policy instrument in the Eurosystem, the CSPP is not a global innovation, since other central banks have resorted to similar initiatives since the onset of the Great Recession in 2008. While undoubtedly contributing to the smooth functioning of the transmission mechanism for monetary policy, CSPP also present challenges, like other aspects of the ECB’s Asset Purchase Programme. This note discusses the effectiveness of the programme and some options available to the ECB.
Gov't Doc #: PE 607.343
ISBN: 978-92-846-1644-2
Other Identifiers: IP/A/ECON/2017-03
Appears in Collections:Dept of Economics and Finance Research Papers

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