高质量流动资产的可获得性与货币政策操作:对欧元区的分析

ERN: Central Banks - Impacts (Topic) Pub Date : 2019-02-01 DOI:10.2139/ssrn.3328390

Roel Grandia, Petra Hänling, Michelina Lo Russo, P. Åberg

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引用次数: 13

摘要

本文概述了影响欧元区高质量流动资产(HQLA)的欧元计价债务工具可用性的供需因素。本文估计了公共和私营部门发行的HQLA的供应量，以及欧元体系货币政策操作对银行和其他经济主体持有的HQLA的数量和构成的总体影响。本文还对主要需求因素进行了评估。最后，本文提供了与欧元体系货币政策实施框架的长期相互作用和影响的一些见解。JEL分类:D41、E58、G1、G28

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Availability of High-Quality Liquid Assets and Monetary Policy Operations: An Analysis for the Euro Area

This paper provides an overview of supply and demand factors influencing the availability of euro-denominated debt instruments that qualify as high-quality liquid assets (HQLA) in the euro area. The paper estimates the supply of HQLA issued by the public and private sectors as well as the aggregated impact of Eurosystem monetary policy operations on the amount and composition of HQLA held by banks and other economic agents. An assessment of the main demand factors is also presented. Finally, the paper provides some insights into the interaction with and implications for the Eurosystem monetary policy implementation framework in the longer run. JEL Classification: D41, E58, G1, G28

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ERN: Central Banks - Impacts (Topic)

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