no image available
Wednesday, 17 October 2018
University of AmsterdamUvANetherlands
Erasmus University

In this thesis, we provide evidence for the dampening e ect of the European Central Bank’s unconventional monetary policy on secondary sovereign debt market cycles caused by government bond auctions, either domestic or foreign. These e ects are strongest for the mid-term debt market. Consistent with our theoretical predictions, we arm that the European Central Bank is able to mitigate the augmenting character of uncertainty on the auction cycles associated with long-term debt. Moreover, we observe that secondary markets respond less to foreign debt issues during ECB intervention, which is likely the e ect of market segregation.