The impact of the Public Sector Purchase Programme on lending to SMEs

IF 1.3 3区经济学 Q3 ECONOMICS

Journal of Macroeconomics Pub Date : 2025-01-07 DOI:10.1016/j.jmacro.2024.103659

Vlad Skovorodov , Rui Silva

引用次数: 0

Abstract

We study the impact of the Public Sector Purchase Programme (PSPP) between 2015 and 2018 on lending volumes in the Eurozone. We find a connection between purchases under the PSPP and: (i) lending volumes on types of loans mainly obtained by SMEs; (ii) loans below 1 million euros during the expansion phase of the program until the end of 2016, and loans above 1 million euros in its contraction phase; (iii) substantial changes in lending volumes in economies with high levels of public debt and distressed financial systems, and; (iv) types of loans mainly obtained by SMEs in more resilient economies. These findings point to the effectiveness of the credit channel as a transmission mechanism of unconventional monetary policy and support the decision of the ECB to reactivate the program at the end of 2019.

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来源期刊

Journal of Macroeconomics ECONOMICS-

CiteScore

2.50

自引率

7.10%

发文量

审稿时长

76 days

期刊介绍： Since its inception in 1979, the Journal of Macroeconomics has published theoretical and empirical articles that span the entire range of macroeconomics and monetary economics. More specifically, the editors encourage the submission of high quality papers that are concerned with the theoretical or empirical aspects of the following broadly defined topics: economic growth, economic fluctuations, the effects of monetary and fiscal policy, the political aspects of macroeconomics, exchange rate determination and other elements of open economy macroeconomics, the macroeconomics of income inequality, and macroeconomic forecasting.