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Das Securities Market Programme — viele Vorteile für den Euroraum
[The Securities Market Programme Benefits the Euro Area]

Author

Listed:
  • Franz Nauschnigg

    (Oesterreichische Nationalbank)

Abstract

Zusammenfassung Durch das Securities Market Programme (SMP) des Eurosystems von 2010 bis 2012 haben alle gewonnen: Das Eurosystem, da durch das SMP die Fragmentierung der Anleihenmärkte des Euroraums verringert und die Transmission der Geldpolitik verbessert werden konnte. Alle Euroländer, da sie Zusatzgewinne ihrer Notenbanken erhielten. Das Marktversagen auf den Finanzmärkten wurde teilweise korrigiert. Die vergangenen und zukünftigen SMP-Gewinne könnten für eine Fiskalkapazität des Euroraums verwendet werden.

Suggested Citation

  • Franz Nauschnigg, 2018. "Das Securities Market Programme — viele Vorteile für den Euroraum [The Securities Market Programme Benefits the Euro Area]," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 98(6), pages 399-404, June.
    • Handle: RePEc:spr:wirtsc:v:98:y:2018:i:6:d:10.1007_s10273-018-2307-6
    DOI: 10.1007/s10273-018-2307-6
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    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G01 - Financial Economics - - General - - - Financial Crises
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions

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