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Diferencial entre el €STR y el tipo de interés de la facilidad de depósito

Author

Listed:
  • Yasmina Santalla Pérez

    (Banco de España)

  • Laura García Ramos

    (Banco de España)

  • M.ª Carmen Castillo Lozoya

    (Banco de España)

  • José M.ª Arregui Gil

    (Banco de España)

Abstract

Motivación Este artículo analiza los factores que estarían contribuyendo al incremento del diferencial existente entre el Euro short-term rate y el tipo de interés de la facilidad de depósito, con el objetivo de valorar la transmisión de la política monetaria en el Eurosistema. Ideas principales •Los principales factores que explican la evolución del diferencial son el aumento en el balance del Eurosistema y el cambio en la orientación de la política monetaria. •La transmisión de las recientes subidas de tipos de interés oficiales a los tipos de interés del mercado monetario fue efectiva, por lo que no es un factor explicativo del incremento del diferencial. •Cabría esperar que, una vez concluido el ciclo alcista de tipos, la reducción del balance del Eurosistema frenase o incluso revirtiese la tendencia observada en el diferencial.

Suggested Citation

  • Yasmina Santalla Pérez & Laura García Ramos & M.ª Carmen Castillo Lozoya & José M.ª Arregui Gil, 2023. "Diferencial entre el €STR y el tipo de interés de la facilidad de depósito," Boletín Económico, Banco de España, issue 2023/T3.
  • Handle: RePEc:bde:joures:y:2023:i:03:n:08
    DOI: https://doi.org/10.53479/33153
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    More about this item

    Keywords

    Euro short-term rate; facilidad de depósito; transmisión de la política monetaria; mercado monetario; estadística de los mercados monetarios; balance del Eurosistema; exceso de liquidez; entidades financieras no bancarias;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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