How Long to Read The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness

How Long Does it Take to Read The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness?

It takes the average reader to read The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness by Markus Baltzer

Assuming a reading speed of 250 words per minute. Learn more

Description

The Eurosystem's asset purchase programmes reduced the free float of German Bunds. Market participants feared impaired market functioning in the Bund market and monetary policymakers unintended consequences for monetary policy transmission. We study the intended and unintended consequences of asset purchases in the repo market with Bund collateral. Bunds that are eligible for APP purchases carry a repo specialness premium even when they are not purchased. This "eligibility premium" is larger than the actual flow effect of purchases identified in previous research. Securities lending (SecL) operations have a flow effect, but its magnitude is even smaller than the flow effect of APP purchases. Therefore, the impact of SecL in the repo market is only of a quite limited extent. Furthermore, the effects of APP and SecL on repo specialness are relatively small compared to those caused by banks' balance sheets window dressing at quarter ends and by the hedging pressure for Bund Futures.

How long is The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness?

The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness by Markus Baltzer is 0 pages long, and a total of 0 words.

This makes it 0% the length of the average book. It also has 0% more words than the average book.

How Long Does it Take to Read The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness Aloud?

The average oral reading speed is 183 words per minute. This means it takes to read The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness aloud.

What Reading Level is The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness?

The Eurosystem's Asset Purchase Programmes, Securities Lending and Bund Specialness is suitable for students ages 2 and up.

Note that there may be other factors that effect this rating besides length that are not factored in on this page. This may include things like complex language or sensitive topics not suitable for students of certain ages.

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