The Impact of Unconventional Monetary Policy on Euro Area Public Finances

8 Pages Posted: 6 Oct 2017

See all articles by Pablo Burriel

Pablo Burriel

Banco de España

Francisco Marti

Banco de España

Javier J. Pérez

Banco de España - Research Department

Date Written: September 14, 2017

Abstract

Unconventional monetary policy measures implemented by the European Central Bank in recent years have helped to reduce interest rates on sovereign debt in the euro area as a whole. In addition to the direct impact on debt servicing payments, monetary policy conduct in the most recent period has had positive macroeconomic effects which have indirectly impacted the cyclical revenue and expenditure items in the government budget. This article approximately quantifies both direct and indirect effects for the main countries in the euro area.

Suggested Citation

Burriel, Pablo and Marti, Francisco and Perez, Javier J., The Impact of Unconventional Monetary Policy on Euro Area Public Finances (September 14, 2017). Banco de Espana Article 20/17. Available at SSRN: https://ssrn.com/abstract=3048333

Pablo Burriel (Contact Author)

Banco de España ( email )

Madrid 28014
Spain

Francisco Marti

Banco de España ( email )

Alcala 50
Madrid 28014
Spain

Javier J. Perez

Banco de España - Research Department ( email )

Alcala 50
28014 Madrid
Spain

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