Footnote:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 26, 2023 erstellt
Description:
The impact of central bank asset purchase programs depends on the investment habitat of investors owning the assets purchased. Using granular data on the Eurosystem central bank purchases over 2014-2020, and on detailed securities holdings by financial institutions, we show that banks were the largest euro area counterparts to purchases of sovereign securities and bank covered bonds, while investment funds accommodated the bulk of corporate securities purchased. We also show that investors’ rebalancing patterns depend on their habitat. Purchasing securities from banks will spur bank lending, while investment funds may increase their demand for riskier securities if they have the required mandate