No. 1175 - Asset price volatility in EU-6 economies: how large is the role played by the ECB?
by Alessio Ciarlone and Andrea Colabella
June 2018
The paper analyses the spillover effects that the private and public asset purchase programmes implemented by the ECB since 2009 have exerted on financial market volatility in a group of Central-Eastern European economies belonging to the EU but not to the euro area.
The findings show that such programmes - presumably through more accommodative liquidity conditions available on financial markets and international investors’ increased appetite for risk - could have contributed to containing these countries’ asset price volatility; therefore they also limited the adverse repercussions that the tensions in global financial markets might have had on the respective economies.
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