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A comparative analysis of developments in central bank balance sheet composition

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  • Christiaan Pattipeilohy

Abstract

In this paper we analyse developments in the composition of central bank balance sheets for a large set of central banks in a unified framework. Since 2007, central banks in advanced economies have experienced pronounced changes in balance sheet composition as a consequence of unconventional monetary policy measures. In addition, we document a convergence in balance sheet composition from 2007 until 2009, as the initial crisis response was fairly homogeneous across advanced economies, mostly driven by financial stability concerns. However, since 2009 design of balance sheet policies has been more diverse, reflecting diverging policy challenges across regions. By contrast, balance sheets of central banks in emerging market economies have remained broadly unchanged in terms of composition in the period under review.

Suggested Citation

  • Christiaan Pattipeilohy, 2016. "A comparative analysis of developments in central bank balance sheet composition," DNB Working Papers 510, Netherlands Central Bank, Research Department.
  • Handle: RePEc:dnb:dnbwpp:510
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    Cited by:

    1. repec:cbi:qtbart:y:2017:m:07:p:48-62 is not listed on IDEAS
    2. Jan Willem End & Christiaan Pattipeilohy, 2017. "Central Bank Balance Sheet Policies and Inflation Expectations," Open Economies Review, Springer, vol. 28(3), pages 499-522, July.
    3. repec:cbi:qtbart:y:2017:m:07:p:79-94 is not listed on IDEAS
    4. repec:cbi:qtbart:y:2017:m:07:p:63-78 is not listed on IDEAS

    More about this item

    Keywords

    Central bank balance sheet; unconventional monetary policy; dissimilarity analysis;

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • 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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