Magnitudes and capital key divergence of the Eurosystem's PSPP/PEPP purchases - update December 2020 : study supported by the Brigitte Strube Foundation

Havlik, Annika ; Heinemann, Friedrich

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URN: urn:nbn:de:bsz:180-madoc-639392
Document Type: Working paper
Year of publication: 2020
The title of a journal, publication series: ZEW-Kurzexpertise
Volume: 20-16
Place of publication: Mannheim
Publication language: English
Institution: Sonstige Einrichtungen > ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
MADOC publication series: Veröffentlichungen des ZEW (Leibniz-Zentrum für Europäische Wirtschaftsforschung) > ZEW Kurzexpertisen
Subject: 330 Economics
Abstract: Since March 2020, the Eurosystem has been purchasing government bonds under the Pandemic Emergency Purchase Programme (PEPP). The PEPP was set up as a non-standard policy measure to encounter the economic and financial consequences of the Covid-19 pandemic and is an additional program to the ongoing Public Sector Purchase Programme (PSPP). This study updates the quantitative analysis by Havlik and Heinemann (2020) with a focus on the Eurosystem’s PSPP and PEPP transactions since the outbreak of the pandemic. With respect to the PSPP/PEPP purchases made between March and September 2020, this expertise assesses the size of purchase flows and stocks, country allocations and their magnitude relative to this year’s projected government deficits. Moreover, we assess the speed of purchases in light of the current existing envelopes.

Das Dokument wird vom Publikationsserver der Universitätsbibliothek Mannheim bereitgestellt.

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