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The effect of the European Central Bank’s asset purchase programmes on Spain’s public finances

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

This paper empirically quantifies the effect on Spain’s public finances of the asset purchase programmes implemented in the euro area between 2015 and 2022. Specifically, it evaluates the impact of the ECB’s Asset Purchase Programme (APP) and Pandemic Emergency Purchase Programme (PEPP) on Spanish public revenue, expenditure, deficit and debt. The results suggest that these programmes have had a significant cumulative downward effect on the level of public debt.

Suggested Citation

  • Pablo A. Aguilar & Mario Alloza & James Costain & Samuel Hurtado & Jaime Martínez-Martín, 2024. "The effect of the European Central Bank’s asset purchase programmes on Spain’s public finances," Occasional Papers 2409, Banco de España.
    • Handle: RePEc:bde:opaper:2409e
    DOI: https://doi.org/10.53479/36254
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    File URL: https://www.bde.es/f/webbe/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosOcasionales/24/Files/do2409e.pdf
    File Function: First version, March 2024
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    More about this item

    Keywords

    quantitative easing; asset purchase programmes; unconventional monetary policy; term structure models; signaling and portfolio balance effects; expectations channel; fiscal effects; Spain;
    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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