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El efecto de los programas de compras de activos del Banco Central Europeo en las cuentas públicas de España

Author

Listed:
  • Pablo A. Aguilar

    (Banco de España)

  • Mario Alloza

    (Banco de España)

  • James Costain

    (Banco de España)

  • Samuel Hurtado

    (Banco de España)

  • Jaime Martínez-Martín

    (Banco de España)

Abstract

Este documento ofrece una cuantificación empírica del efecto sobre las cuentas públicas en España de los programas de compras de activos implementados en el área del euro entre 2015 y 2022. En particular, se evalúa el impacto sobre los ingresos, los gastos, el déficit y la deuda pública de España del Asset Purchase Programme (APP) y el Pandemic Emergency Purchase Programme (PEPP). Los resultados sugieren que ambos programas habrían tenido un significativo efecto acumulado a la baja sobre la ratio de deuda pública.

Suggested Citation

  • Pablo A. Aguilar & Mario Alloza & James Costain & Samuel Hurtado & Jaime Martínez-Martín, 2024. "El efecto de los programas de compras de activos del Banco Central Europeo en las cuentas públicas de España," Occasional Papers 2409, Banco de España.
    • Handle: RePEc:bde:opaper:2409
    DOI: https://doi.org/10.53479/36252
    as

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    File URL: https://www.bde.es/f/webbe/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/24/Fich/do2409.pdf
    File Function: First version, March 2024
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    More about this item

    Keywords

    expansión cuantitativa; programas de compras de activos; política monetaria no convencional; modelo estructural de curva de tipos; efectos señalización y reequilibrio del balance; canal de expectativas; efectos fiscales; España;
    All these keywords.

    JEL classification:

    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation

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