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.
