The effect of the European Central Bank’s asset purchase programmes on Spain’s public finances-Reference-Cited by-同舟云学术

The effect of the European Central Bank’s asset purchase programmes on Spain’s public finances

Published:2024-03-18 Issue: Volume: Page:
ISSN:1696-2230
Container-title:Documentos Ocasionales
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Author:

Aguilar Pablo A.¹,Alloza Mario¹,Costain James¹,Hurtado Samuel¹,Martínez-Martín Jaime¹

Affiliation:

1. Banco de España

Abstract

This paper empirically quantifies the effect on Spain’s public finances of the asset purchase programmes implemented in the euro area between 2015 and 2022. Specifically, it evaluates the impact of the ECB’s Asset Purchase Programme (APP) and Pandemic Emergency Purchase Programme (PEPP) on Spanish public revenue, expenditure, deficit and debt. The results suggest that these programmes have had a significant cumulative downward effect on the level of public debt.

Publisher

Banco de España

Reference20 articles.

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