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

Pablo Aguilar, Mario Alloza, James Costain, Samuel Hurtado and Jaime Martinez-Martin

No 2409, Occasional Papers from 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.

Keywords: quantitative easing; asset purchase programmes; unconventional monetary policy; term structure models; signaling and portfolio balance effects; expectations channel; fiscal effects; Spain (search for similar items in EconPapers)
JEL-codes: E43 E44 E52 E63 E65 G18 (search for similar items in EconPapers)
Pages: 29 pages
Date: 2024-03
New Economics Papers: this item is included in nep-ban, nep-cba, nep-eec and nep-mon
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Persistent link: https://EconPapers.repec.org/RePEc:bde:opaper:2409e

DOI: 10.53479/36254

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