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Quantitative easing and a lasting decline in credit spreads
[Assouplissement quantitatif et baisse durable des spreads de crédit]

Author

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  • Sanvi Avouyi-Dovi
  • Guillaume Horny

Abstract

In France, at the beginning of 2015, interest rates on new bank loans to businesses fell sharply; this lasting decline, which was more pronounced for high-rate loans, followed the ECB's announcement of quantitative easing. Without any significant change in the characteristics of borrowing companies, it attests to an improvement in financing conditions. En France, début 2015, les taux d’intérêt des nouveaux crédits bancaires aux entreprises ont fortement baissé ; cette baisse durable, plus forte pour les crédits aux taux élevés, faisait suite à l’annonce de l’assouplissement quantitatif de la BCE. Sans changement significatif des caractéristiques des entreprises emprunteuses, elle atteste de l’amélioration des conditions de financement.

Suggested Citation

  • Sanvi Avouyi-Dovi & Guillaume Horny, 2017. "Quantitative easing and a lasting decline in credit spreads [Assouplissement quantitatif et baisse durable des spreads de crédit]," Eco Notepad 33, Banque de France.
    • Handle: RePEc:bfr:econot:33
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    File URL: https://www.banque-france.fr/fr/publications-et-statistiques/publications/assouplissement-quantitatif-et-baisse-durable-des-spreads-de-credit
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