Partie III. La politique monétaire de la BCE et la crise du Covid-19 (notice n° 841429)
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| fixed length control field | 03242cam a2200265 4500500 |
| 005 - DATE AND TIME OF LATEST TRANSACTION | |
| control field | 20250123142351.0 |
| 041 ## - LANGUAGE CODE | |
| Language code of text/sound track or separate title | fre |
| 042 ## - AUTHENTICATION CODE | |
| Authentication code | dc |
| 100 10 - MAIN ENTRY--PERSONAL NAME | |
| Personal name | Blot, Christophe |
| Relator term | author |
| 245 00 - TITLE STATEMENT | |
| Title | Partie III. La politique monétaire de la BCE et la crise du Covid-19 |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. | |
| Date of publication, distribution, etc. | 2021.<br/> |
| 500 ## - GENERAL NOTE | |
| General note | 36 |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | La crise liée à la propagation de l’épidémie de Covid-19 a de nouveau poussé les banques centrales à réagir en assouplissant l’orientation de la politique monétaire, ce qui s’est traduit par le recours massif aux mesures non conventionnelles. Il en a résulté une forte augmentation de la taille de leur bilan. En amplifiant les programmes d’achat d’actifs, les banques centrales ont par ailleurs absorbé une large part de la dette émise par les États en 2020 pour faire face à la crise. Dans la zone euro, la BCE a de plus lancé un nouveau programme, le PEPP, destiné à réduire le risque de fragmentation. Cet article évalue l’effet de ce programme sur les écarts de taux d’intérêts souverains en zone euro et aussi l’effet des annonces de politique monétaire prises depuis le début de la crise sur les conditions de financement dans la zone euro. Les résultats suggèrent que l’ensemble des mesures prises a eu un effet significatif sur les taux souverains et les indices boursiers. Par ailleurs, les résultats de nos estimations indiquent qu’une augmentation des flux d’achat de titres, dans le cadre du PEPP, permet de réduire les écarts de taux des pays considérés généralement comme fragiles : Italie, Espagne, Portugal et Grèce. |
| 520 ## - SUMMARY, ETC. | |
| Summary, etc. | The crisis arising from the spread of the Covid-19 epidemic has once again prompted central banks to ease the stance of monetary policy, which has resulted in the massive use of unconventional measures. This has resulted in a sharp increase in the size of their balance sheets. By increasing their asset purchase programmes, the central banks have also absorbed a large part of the debt issued by governments in 2020 to deal with the crisis. In the euro zone, the ECB launched a new programme, the PEPP, which is designed to reduce the risk of fragmentation. This article assesses the effect of this programme on sovereign interest rate spreads in the euro area and also the effect of the monetary policy announcements made since the beginning of the crisis on financing conditions in the euro area. The results suggest that the package of measures adopted has had a significant effect on sovereign interest rates and stock market indices. Furthermore, the results of our estimations indicate that, under the PEPP, an increase in the flow of securities purchases is reducing the spreads of countries generally considered to be fragile, in particular Italy, Spain, Portugal and Greece. |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | achats d’actifs |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | taux souverain |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Banques centrales |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | fragmentation |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | asset purchases |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | sovereign rates |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | Central banks |
| 690 ## - LOCAL SUBJECT ADDED ENTRY--TOPICAL TERM (OCLC, RLIN) | |
| Topical term or geographic name as entry element | fragmentation |
| 786 0# - DATA SOURCE ENTRY | |
| Note | Revue de l'OFCE | 172 | 2 | 2021-09-14 | p. 193-217 | 1265-9576 |
| 856 41 - ELECTRONIC LOCATION AND ACCESS | |
| Uniform Resource Identifier | <a href="https://shs.cairn.info/revue-de-l-ofce-2021-2-page-193?lang=fr&redirect-ssocas=7080">https://shs.cairn.info/revue-de-l-ofce-2021-2-page-193?lang=fr&redirect-ssocas=7080</a> |
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