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| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Unconventional Monetary Policy Measures of the ECB and Turnover of European Public Debt |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 41 |
| Date | 2017 |
| Abstract Text | Since the Financial Crisis of 2008 and the Sovereign Debt Crisis of 2011 central banks around the world employed Unconventional Monetary Policies (UMP) to ght tensions in funding mar- kets of banks, to stimulate the economy, and to raise in ation. The UMP of the European Central Bank (ECB) studied in this master's thesis consists of purchase programs, extensions of the collateral framework, xed-rate-full-allotment for repurchase agreements, and maturity extension of repurchase agreements. These measures were used heavily: The purchase programs reach a combined value that is comparable to the GDP of larger European countries. The same is true for the amounts tendered in repurchase agreements. For the extension of the collateral framework it is documented that it lead to an increase of eligible collateral of 62% from 2006 to 2012 - a nominal value of around EUR 5 trillion. At the same time governments in the Euro-Area have curtailed spending and are therefore issuing less debt. |
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