A Comparative Analysis of Developments in Central Bank Balance Sheet Composition

44 Pages Posted: 12 Apr 2016

See all articles by Christiaan Pattipeilohy

Christiaan Pattipeilohy

De Nederlandsche Bank - Monetary and Economic Policy Department; Vrije Universiteit Amsterdam, School of Business and Economics

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Date Written: April 2016

Abstract

In this paper we analyse developments in the composition of central bank balance sheets for a large set of central banks in a unified framework. Since 2007, central banks in advanced economies have experienced pronounced changes in balance sheet composition as a consequence of unconventional monetary policy measures. In addition, we document a convergence in balance sheet composition from 2007 until 2009, as the initial crisis response was fairly homogeneous across advanced economies, mostly driven by financial stability concerns. However, since 2009 design of balance sheet policies has been more diverse, reflecting diverging policy challenges across regions. By contrast, balance sheets of central banks in emerging market economies have remained broadly unchanged in terms of composition in the period under review.

Keywords: central bank balance sheet, unconventional monetary policy, dissimilarity analysis

JEL Classification: E40, E42, E50, E58

Suggested Citation

Pattipeilohy, Christiaan, A Comparative Analysis of Developments in Central Bank Balance Sheet Composition (April 2016). BIS Working Paper No. 559, Available at SSRN: https://ssrn.com/abstract=2763125

Christiaan Pattipeilohy (Contact Author)

De Nederlandsche Bank - Monetary and Economic Policy Department ( email )

Westeinde 1
1017 ZN Amsterdam
Netherlands

Vrije Universiteit Amsterdam, School of Business and Economics ( email )

De Boelelaan 1105
Amsterdam, 1081HV
Netherlands

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