Segnalazione dalla BCE-ECB

(...) the latest issue (No. 108) of the ECB Research Bulletin, is entitled “Navigating liquidity crises in non-banks: An assessment of central bank policies”.

Johannes Breckenfelder (Senior Economist, Directorate General Research, European Central Bank) and Marie Hoerova (Senior Adviser, Directorate General Research, European Central Bank) find that the new large-scale asset purchase programme announced on 18 March 2020 was particularly effective in improving mutual fund performance and stopping runs on funds, even though funds did not have direct access to the lender of last resort. 

Therefore, to the extent that non-banks hold high-quality marketable assets on their balance sheets, they could benefit from central bank asset purchases in the event of an aggregate liquidity squeeze. 

Importantly, central bank interventions to preserve market functioning should be a last resort and not a substitute for the private sector self-insuring against liquidity risk, e.g., by means of appropriate holdings of liquid assets.

The ECB Research Bulletin features a selection of recent work on policy-relevant topics by ECB economists. Published on a monthly basis, the articles in the Research Bulletin are intended for a general audience. The views expressed in each article are those of the authors and do not necessarily represent the views of the European Central Bank and the Eurosystem.(...)